Russian payments firm QIWI to move current database over to the blockchain

FinTech | August 16, 2016 By:

Qiwi announced its plans to move its current database over to the blockchain in the next five years.

The company said that this projection is in line with estimates that the full transition to any new technology takes about three years after a successful trial.

“An interim period would likely be needed to transition our older, centralized database out of use. We are also exploring the option where the two systems could operate side by side for as long as a year to avoid issues during this transition,” said QIWI CTO Alexey Arkhipov.

Qiwi is a Russian payment company.