09:32, 2 December 2019 Page views 1958 views

Masterchain certification kicks-off commercial operation of blockchain in Russia

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840px-Masterchain.jpgThe Association for Financial Technology Development (FinTech Association, AFT) received a certificate issued by the Federal Security Service of Russia for the Masterchain Cryptographic Information Protection Facility (CIPF), version 1.0.

So, Masterchain became the first Russian blockchain platform ready for commercial operation and compliant with all the requirements of information security, which is a key condition for the use of blockchain in practice, including its application in the financial industry. Therefore, Masterchain certification plays an important role not only for the platform itself and network participants, but also for the development of the blockchain in the market as a whole. It should be noted that the RF Digital Economy Programme defines DLT as an end-to-end technology that covers several industries at once and helps improve the quality of life and the conditions for doing business.

CIPF Masterchain 1.0 is software for the data and document encryption and generation of an electronic signature. The researchers tested the correctness of algorithms used for electronic signature of documents in accordance with GOST, the security of data exchange between participants, and the information safety in the Masterchain network.

The FSS certificate confirms the security of using the GOST-compliant electronic signature in industrial operation for the purpose of legally significant transactions. Apart from the platform certification, a positive opinion was also received on the use of Masterchain 1.0 CIPF for securities accounting in the decentralized depository system.

The CIPF design specifications and audit of the Masterchain compliance with the information security and cryptographic protection requirements were completed by the CryptoPro accredited testing laboratory. The CryptoPro researchers not only audited the CIPF compliance with the information security requirements, but also developed methods of data security analysis for DLT-based systems.

FinTech Association Managing Director Tatyana Zharkova said: “Certification is of great strategic importance, since it means the launch of commercial operation of the Masterchain and helps promote the blockchain in the Russian market as a whole. We have done extensive work and we hope that the Masterchain development and certification experience will give momentum to the adoption of distributed ledger technology in the financial and other industries.”

Deputy Director of the Information Security Department of the Bank of Russia Artem Sychev commented: “The blockchain systems are based on the cryptographic information protection functionality and the use of electronic signatures, and Masterchain has become the first blockchain platform that will guarantee compliance with all information security requirements. This is a prerequisite for the practical use of blockchain in the financial sector. Therefore, obtaining a certificate is important not only for the Masterchain platform itself, but also for the development of distributed ledger technology in general.”

CryptoPro Deputy General Director Stanislav Smyshlyaev explained: “The Masterchain platform was originally designed to fulfill information security requirements. With the first experience in creating certified blockchain platforms taken into account, CryptoPro together with the FinTech Association also participated in the development of technological solutions. This approach allowed us to obtain a platform that simultaneously meets the set functional requirements of market participants and the requirements for cryptographic information protection.