Big Boost For Blockchain
Big Boost For Blockchain
Business Software India • Feb 24, 2020
Rostec, the Russian state-owned manufacturing conglomerate, is entering the blockchain fray.
The corporation, which holds stakes in 700 industrial entities in Russia, is working with the Waves platform to develop a blockchain system to manage data on its vast holdings, which include the carmakers Autovaz and Kamaz and the firearms manufacturer Kalashnikov.
Announced Thursday, Rostec has signed an agreement with Vostok, a startup founded by the Waves platform team. The two partners will invest a combined $2 million to bootstrap the project, but Rostec’s share was not disclosed. Over the next month, the joint team will present a roadmap for the project.
The project will pave the way for the application of blockchain technology to Rostec’s operations – specifically, for standardizing, collecting and analyzing data about the products manufactured under Rostec’s supervision, which include both military and civilian goods.
The information coming from these disparate locations to Rostec’s head office is not standardized and thus difficult to parse. Blockchain is expected to improve the organization and security of this data, some of which is sensitive military information.The project will also seek to develop solutions for so-called smart cities, which leverage data to manage urban resources more efficiently. To that end, the project would facilitate the sharing of data via blockchain between federal and municipal government bodies and citizens.