Russian state-owned manufacturing giant Rostec is joining the global blockchain wave.
The company, which holds shares in more than 700 industrial entities in Russia, is working with the Waves platform to develop a blockchain system to manage its stakeholder data, including Russian automakers Autovaz, Kamaz, and military manufacturing company Kalashnikov.
Recently, Rostec has signed an agreement with the startup company Vostok created by the Waves platform team. The two companies will jointly invest $2 million to launch the blockchain project. In the coming month, the cooperation team will give the project development. route map.
The project aims to standardize the military and civilian products of the company, and collect and analyze relevant data to better promote the company’s operations, as its companies found that the information at the Rostec headquarters is not standardized and difficult to analyze, including Some of the more sensitive military information and the blockchain will reorganize this data and improve security.
The project will also develop solutions for building smart cities, hoping to manage urban resources more efficiently by using data. Rostec has piloted a smart city management approach in several cities in Russia with the aim of enabling cities to automatically adjust and adapt to electricity consumption, traffic management, street cameras with face recognition systems, etc., Rostec spokesperson Vasiliy Melnikov said that these systems will be linked to the block in the future.
Vostok CEO Sasha Ivanov said in a statement:
“Working with leading companies like Rostec will not only expose us to a wide range of corporate and government customers, but will further inspire and promote our further development.”
Founded in 2007, Rostec is a Russian state-owned company that focuses on accelerating the development of Russian technology. The company’s chairman, Sergey Chemezov, is a government official with Russia’s Putin.
The company plays an important role in the digital economy in the Russian government’s plan to promote national innovation and development. In March 2017, Russian Prime Minister Dmitry Medvedev issued an order to explore the use of blockchain technology to promote Russian economic management and governance.
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