Blockchain R&D center in Kiev

September 30, 2015 1 min read

Earlier this month American-Ukrainian software development company Innovecs  launched a Blockchain research and development center in Kyiv (Kiev). The center was set up with the participation of Mikhail Chobanyan, co-founder of Bitcoin Foundation Ukraine (BFU).


A blockchain is a distributed database that maintains a continuously growing list of data records. This technology offers protection against tampering and revision, even by operators of the database. It is used as a distributed transaction ledger for some cryptocurrencies, including bitcoin.

“The purpose of this R&D center is to learn more about the technology, explore its potential by testing it.”
Alex Lutskiy,
Innovecs co-founder and CEO

Innovecs’ already had a Blockchain expertise which had been used to develop solutions in the fields of e-government, financial technologies and business solutions, Lutskiy added.

“Our main focus is on developing applications and integrating the technology in the real economy.”
Alex Lutskiy,
Innovecs co-founder and CEO

In particular, the company plans to connect Ukrainian banks to Ripple, an Internet protocol to secure financial transaction data and accelerate payment transactions, according to Ukrainian tech blog AIN.UA.

The Blockchain technology is quite popular in the country, and many Ukrainians are among advanced Bitcoin users, according to BFU.

“This allows us to build a professional team here in Ukraine. But our orientation is global, and we see our mission in building ties between western Blockchain thought leaders and Ukrainian experts.”
Alex Lutskiy,
Innovecs co-founder and CEO