Russia will invest up to $8 million in blockchain technology until 2024. There’s a 50% lower rate than the previous figures which the strategy could still help the Russian economy save some money so let’s read more in the latest blockchain news.According to Rostec, the state-owned tech corporation, blockchain spending in the next few years will be reduced to 28.4 billion rubles from the previously voiced figure of 55-85 billion rubles. The funding will be allocated to the implementation of blockchain technology in the supply chain management and other industries including the housing sector according to the local media agency Kommersant according to the Rostec roadmap.The main reason why spending has been decreased is because of the ‘’universal euphoria’’ around the blockchain technology which has been weakening according to a few experts. Out of the 28.4 billion rubles planned for blockchain, 9.5 billion will be allocated from the budgetary funds while 18.9 billion from the extrabudgetary funds. The distributed ledger technology which is a term comprising blockchain will help the Russian economy to save up to 500 billion rubles and to collect up to 600 billion rubles in the form of taxes. The blockchain effect on Russia’s economy will surpass 1.1 trillion rubles which are about $17.5 billion. The document with the roadmap was sent for approval to the ministry of communications and the Analytical center for the government as well.According to the project that was proposed by Rostec, Russia will invest 650 million rubles to introduce the technology in the labeling systems. The launch of the distributed ledger technology (DLT) in healthcare will require up to 1.17 billion rubles of which 575 million will go to the monitoring systems that prevent counterfeit drugs.  More than 475 million rubles will go for further implementation of blockchain in the housing and communal services and 350 million of it will be spent on a platform that will account and distribute utility bills. Another 475 million rubles will be allocated to a collecting system, monitoring resource consumption system and an accounting system.Rostec revised the initial plan of the potential direct and indirect economic effect that the blockchain development can have in the country where the earlier versions of the roadmap showed a lot more investments in the technology. The bad forecast of the economic effects is heavily related to the change in the macroeconomic situation.

Crypto lending has become one of the most explosive sectors in the crypto industry, ever since the market downturn in 2017 there was a huge growth among the lending platforms which lend fiat to borrowers that use crypto assets so let’s see more about it in the following crypto news below.Crypto lending has been a sub-sector on the market which has been quietly growing over the past few years. The crypto asset lending industry started with a centralized lending service such as the one of Celsius Network and Block Fi which did gather slight attention from their initial success. Up to this date, Celsius Network has reported over $4 billion USD in loans. However, the hype surrounding decentralized Finance and the increase in a few major platforms under the umbrella of DeFi on the ETH blockchain, has thrown some more light on one of the crypto industry’s hidden gems.The major success of DeFi can be attributed to a number of different reasons but the record low-interest rates for the savers in traditional banks and institutions was one major factor. While the Defi lending sector is growing, there are a few DeFi platforms that have over $10 million USD in Ether that is already invested. Nexo, Ripio Credit Network and Maker have an average rate of 15% in the past 90 days and have been averaging to a return of 75% over the past year. Bitcoin had a higher yearly return but there were 349 different tokens which were later studied with the same list of criteria.While the huge success of Celsius Network and Block-fi, there are some other options as well. With DeFi you can even put your own Ether as collateral and lend money to yourself through a smart contract on the Maker platform. These loans are over-collateralized and you would have to put up a $150 dollars worth of Ether to get a $100 dollar loan in DAI. however, for people that are unbanked, this kind of a trade-off could be worth it.These kinds of DeFi lending options are now getting extremely popular and platforms such as Maker and Compound, lead the rankings on websites such as Defi Pulse that provide data on other projects. DeFi is not perfect but it aims to make it easier to use offerings of non-overcollateralized loans and to improve debt-collection techniques.

Ditto Music is launching a new application which is named Bluebox and is seen as a blockchain recording technology which could be a boon to musicians and distributors alike. According to the CEO of the company Lee Parsons, the problem is that misplaced metadata can end up eating away at the bottom line.Recently, Ditto Music made a royalty payment of 60,000 pounds sterling (equivalent to $80,000) to the wrong artist. Parsons had to pay the correct artist out of his own pocket. However, Bluebox will now allow artists to address legal concerns including copyright registration, publishing and mechanical splits.As Ditto Music is launching a new app, the solution is seen as one which will record music around legally-binding smart contracts which are written into code and can instantly copyright the content.

"There's billions of dollars of unclaimed royalties out there," Parson said. "The blockchain can help millions of artists claim what is rightfully theirs."

For those of you who don't know Ditto Music from the blockchain news, the company has paid out $100 million in royalties last year and now claims that a roster of 250,000 artists are behind it - including big names such as Ed Sheeran, Sam Smith and Royal Blood. Bluebox is designed to split royalty payments for a recording's lifetime and track the plays accurately on the system.Parsons argued that a solution like this creates more transparency and more detailed reporting, two of which are crucial features as to why Ditto Music is launching an app of this kind. As such, both of which should reap higher collection rates from digital services.Ditto claimed to promote “higher collection rates [while] massively reducing the loss of earnings currently experienced by artists.”“Aside from the billions of dollars in unclaimed royalties that Bluebox will be tackling, the Bluebox app will let creators lock in their split payments at the point of creation and get paid separately and accurately for each use of that song. It’s going to revolutionise payments across the music industry and help the millions of artists claim what is rightfully theirs,” the CEO and founder of Ditto Music Lee Parsons concluded.

The Russian corporation Rostec, stated it will be decreasing the spending on blockchain development this year by at least 50 percent. following the latest reports, we find out more about it in today’s blockchain latest news.According to the Russian corporation, the organization plans to spend up to 28.4 billion rubles or $453 million in USD on the development of blockchain technologies in Russia by 2024 but instead of the 55 billion to 85 billion rubles. The news came in the reports of the nation’s news outlet Kommersant earlier today. Rostec explained that the introduction of blockchain technology into the product labeling system will need up to 650 million rubles, getting it into the healthcare system will require 1.17 billion rubles of which 575 will be allocated to the pharmaceuticals tracking systems. The implementation of blockchain technology in the housing will require a stunning 475 million rubles.Rostec revised the initial plan of the potential direct and indirect economic effect that the blockchain development can have in the country where the earlier versions of the roadmap showed a lot more investments in the technology. The bad forecast of the economic effects is heavily related to the change in the macroeconomic situation. The spokesperson from the corporation also explained that there’s a huge change in the perception of the technology ‘’a self-cleaning of the market from copy projects that do not have a development strategy and a certain market niche’’ while the market in Russia is developing pretty smoothly and is choosing the path for less risky development.The corporation sent the document to the Ministry of Communications and the Analytical Center for the government of Russia and now waits for approval. The move came right when the new Prime Minister of the Russian Federation Mikhail Mishustin who called on the country to prioritize the development of the digital economy. In the meantime, Russia implemented a lot of projects and even last month the national energy grid operator Rosetti started testing blockchain solutions for payments in the sector. The project aims to automate and conduct transactions between energy producers, consumers, and suppliers and to make it much more transparent. The mining giant in Russia Nornickel also started testing its platform for digital metal tokens in collaboration with Trafigura Group Ltd.