According to recent information, the BRICS IT Blockchain and Cryptocurrency Association recently signed a new cooperation agreement with a blockchain firm, Universa Blockchain. The goal of the team-up is to implement the BRICS Digital Bank project, which will use Universa's blockchain platform for running the BRICS Settlement Center.
The platform will be used for performing transactions regarding digital currencies and other assets in BRICS and BRICS+ countries. According to the RACIB (Russian Association of Crypto Industry and Blockchain) report, the platform will also be used for logistics operations and commercial transactions.
What is Universa Blockchain?
Universa Blockchain is a company that aims to change the way the banking sector works. It offers fast and secure enterprise-level blockchain and data storage services to governments, enterprises and other entities. It also promises low cost, high transparency and the ability to link all participants in the city digitization process.
It comes as a new generation of blockchain technology that utilizes a contract execution machine and distributed state ledger in order to improve technologies offered by older projects, such as Bitcoin and Ethereum. Its solutions bring improvements necessary for business adoption, particularly in the areas of contractual agreements and tokenization.
Its nodes are operated by partners that must be authorized and licensed by Universa Corporation. That way, only trusted, audited and trained node operators have access to the network, which improves availability and security, as well as speed.
As for the BRICS Association, its head, Oleg Sobolev, noted that this technological cooperation will also provide an additional impetus that will help the development of BRICS Digital Bank. Sobolev is also the VP of BRICS New Silk Road platform, and since its launch, the project has received a number of trusted partners.
Those include the BRICS Energy Association, Bitfury Group, GLONASS, and others.
Thus far, the BRICS countries include 29% of the world's land area, as well as 31% of the global GDP. The company is the most represented in China, which translates to 11.7% of land area and $11.4 trillion in GDP. The second-largest sector is India, with 7.2% of land area and $2.3 trillion GDP, followed by Brazil, Russia and South Africa.
Node Operators Receive Rewards Collected from Transaction Fees
Universa Blockchain's founder, Alexander Borodich, stated that the firm's technology will help hundreds of millions of people. Even people who have never heard of blockchain technology will be able to take advantage of the emerging tech.
This is one of the goals of the entire blockchain industry — to make this technology easy to use for everyone, thus pushing adoption and improving the services without the need for special education.
Node operators are, of course, also incentivized through rewards collected from transaction fees. This ensures that they continue to validate and execute contracts, while the company doesn't have to engage in mining in order to provide incentive, as it sees it as "a wasteful activity which needlessly consumes gigawatts of power across the globe every hour yielding nothing."