Blockchain To Help Track Railway Freight In Russia
OJSC Russian Railways will create a blockchain platform that will help monitor freight traffic. The company is ready to allocate more than 40 million rubles (more than $300,000) for the development, CryptoFeed reports.
At the end of February 2019, the Russian railway company announced a competition, on the results of which a startup will be selected to develop a blockchain. The winner will have to create an appropriate infrastructure based on distributed ledger technology that executes smart contracts on transportation.
Russian Railways still doesn't have a specific monitoring system for cargo operations, and besides, there was no place to store these data. Blockchain should help automate the commercial component. The participants in the transaction will be able to conclude it on blockchain and, having access to the system, follow the progress of its implementation in the future. The data will be stored securely without interference by third parties. These will be able to observe the process only with the permission of the transaction participants.
Smart contracts should be developed on the basis of the single data repository. The competition, which will allow choosing a developing company, will last until April 9. The project should be implemented by the beginning of December 2019.
Russian Railways is considering blockchain and other digital technologies as the basis for its further development, Oleg Belozerov, the head of the company, stated at the International Railway Congress in Vienna.
As previously reported, information about the privileged passengers of the Russian Railways will be stored on a specially designed blockchain platform.