Russian Rostec Eyes Blockchain for Data Management

Russian Rostec eyes Blockchain for data management. Specifically, the company plans to use it for collecting, standardizing and analyzing the data regarding the products created under its supervision.

13 September, AtoZ Markets The Russian state-owned manufacturing conglomerate, Rostec, is reportedly eyeing the Blockchain technology. This company has stakes in 700 industrial firms all across Russia. 

Russian Rostec Eyes Blockchain for Data Management

Rostec is now reportedly collaborating with the Waves platform in order to develop a Blockchain system to manage data on its holdings. Some of its holdings include the automakers Kamaz and Autovaz and firearms manufacturing company, Kalashnikov. 

The company has announced that it has inked an agreement with Vostok, which is a startup that has been founded by the Waves platform team. Partners are expected to invest a combined sum of $2 million to bootstrap the project. However, it is not clear what is the share of Rostec in this deal. In the course of the next month, the joint team is anticipated to present a roadmap for the project. 

The project is expected to pave the way for the application of Blockchain technology to Rostec’s work. To be more specific, the company plans to use it for collecting, standardizing and analyzing the data regarding the products created under its supervision. These products include civilian and military goods. 

As of the moment, the data coming from these locations to Rostec’s head office is not organized and quite difficult to analyze and utilize. The company considers Blockchain for improving the standardization and the security of this information. In fact, some of this data is a sensitive military information.

Blockchain Smart City Project

Following on this, the project will also attempt to develop solutions for the so-called “smart cities.” These leverage data in a bid to manage urban resources in a more effective way. In regards to this, the project would make it easy to share the data through Blockchain between municipal government bodies, federal authorities, and citizens. 

The Russian conglomerate has been already testing smart city technology in a number of Russian cities. The pilots introduced the automatic regulation and adaption of the power consumption, the operation of street video cameras, and the traffic management. These systems are expected to be migrated to Blockchain ecosystem, according to the press representative of Rostec. 

As per the Waves, the agreement is a high-profile partnership that provides the chance to reach other major players in the Russian economy. Waves’ and Vostok’s CEO Sasha Ivanov has been quoted as saying:

“Working together with Rostec, which is the main provider and driver for projects in the digital economy, will not only get us access to the wide range of corporate and government clients but also will give us a strong impulse for the further development.”

Think we missed something? Let us know in the comments section below.

Share Your Opinion, Write a Comment