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Russian Railways to Implement Blockchain

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Russian Railways to Implement Blockchain

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Plans are brewing in Russia to use blockchain technology to provide exempts in its railway transport system, according to Russian news outlet Rambler News Service (RNS).

The agreement being discussed between the Russian national pension fund and the Russian Railways will allow travel discounts and also provide transparency to monitor the railway transport system. The head of the Pension Fund, Anton Drozdov, has said that the deal will be finalized later this year. He is, however, hopeful that with the new blockchain ascent, it will eliminate forgery and fraud perpetrated by uses of discounted transport services.

It would seem that the central bank of Russia is backing the project up and will be releasing a legislative structure for the project soon. The pilot for the blockchain project will be done on the Moscow-Tver railway line, says the head of the national fund, although he has explained that it may not be implemented on the proposed individual pension capital, noting that the Pension Fund cannot be involved in the initiative at the current stage.

More blockchain exploits have been spotted within the Russian Federation, one of which involved a bill to apply blockchain to e-voting in order to foster transparency in the system. On another development, a Russian deputy minister has disclosed cryptocurrency plans for offshore developments. Oil-Backed crypto has been proposed by former Minister of Energy Igor Yusufov who suggested that crypto could help cut cost on the settlement level in the energy market not influenced by exchange rate fluctuations and unbacked fiat.

More so, President Vladimir Putin has issued out an order to facilitate the release of a digital asset regulation by 1 July, with the aim of developing the digital asset industry in the country. Meanwhile, in the state of Duma, plans to review and adopt a crypto regulation has been progressive, and perhaps adoption may happen in March.

 

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