Development of St Petersburg University recommended for use in the BRICS countries
The BRICS Business Council approved a report on international payment instruments recommended for use in the BRICS countries, which includes a Decentralised Interbank Messaging System. The architecture for this system was developed at the Distributed Ledger Technologies Centre at St Petersburg University.
The main aim of the development is to enable any country to pursue an independent financial policy and to ensure the confidentiality of transmitted messages.
In 2024, Russia holds the presidency of the BRICS organisation, with a key focus on strengthening multilateralism for equitable global development and security. The BRICS summit was held in Kazan from 22 to 24 October. The summit was concentrated on the development of entrepreneurship in light of global changes, supporting the seamless growth of new markets and reinforcing ties between governments, business sectors, and communities of the BRICS countries.
Back in 2018, the creation of a new payment system for the member countries of the association was identified as one of the main areas of the BRICS work. Experts from St Petersburg University commenced initial steps in this direction in 2019. In 2022, a fully operational version of the decentralised interbank messaging system was presented, which became particularly significant in light of illegal restrictions on payments imposed by a number of countries.
This development of the University was awarded the Technology Breakthrough Award 2022 in the Opening New Markets category and was included the list of initiatives aimed at ensuring Russia’s economic sovereignty. Additionally, the components of the decentralised interbank messaging system are now effectively utilised in the operations of the platform for cross-border settlements established by the Russian Union of Industrialists and Entrepreneurs.
It is anticipated that all financial instruments proposed in the BRICS Business Council report will undergo international testing and, in future, will have the capability to integrate with existing national payment systems in the BRICS countries. This will facilitate the ability to make payments in national currencies quickly and easily using smartphones.
According to the proposal, a single multinational payment mechanism will enhance the transparency of payments, support innovation by providing financial institutions with new opportunities and tools. This mechanism will also expand financial accessibility by establishing interaction between the national payment infrastructures of the BRICS countries, and increase the share of national currencies in cross-border settlements.
Today, St Petersburg University places significant emphasis not only on the implementation of academic programmes and scientific research aimed at studying the BRICS+ countries but is also actively engaged in the international agenda. This involvement enables the University to provide solutions to key issues regarding cooperation between the BRICS+ countries and to serve as an expert organisation in international law, medicine, entrepreneurship, and various other fields. For instance, a few years ago, St Petersburg University presented its own project for an investment arbitration institute for the BRICS countries, designed to simplify the dispute resolution procedure and enhance the investment attractiveness of the member states of this interstate alliance. Among other developments of the University that can be refined and adapted to address the challenges of uniting the BRICS countries is the online system "CryptoVeche". This service, which operates on the blockchain, facilitates safe and confidential remote voting. Currently, it is utilised by more than 150 organisations, both commercial and governmental.
Another promising product created at St Petersburg University is "InsurDoс". It is a system for managing intellectual property rights. This innovative platform enables the monetisation and storage of copyright-protected works of art, literature, and science through the use of smart contracts in a decentralised manner. Additionally, the University has developed a decentralised platform for electronic cargo documents intended for maritime transportation. This system significantly accelerates document flow in this sector, reducing processing time from several days to just a few hours in port.
Furthermore, St Petersburg University offers digital solutions for the scientific field. For instance, Research IMS is a research infrastructure management system that facilitates the organisation of a continuous chain of scientific services while monitoring all stages of execution — from the customer’s request to the delivery of the final result. This approach not only enhances the efficiency of scientific equipment utilisation but also automates routine accounting and control operations. The system comprehensively tracks equipment usage and loading, manages consumables, and oversees research projects.