Russian Smart Cities To Operate On Blockchain From Waves
A Russian corporation Rostec is planning to utilize distributed ledger technology to work with large volumes of data. Waves platform will provide a blockchain solution for the manufacturing giant, Coindesk reports.
Rostec management signed an agreement with blockchain startup Vostok, which has been specifically created to operate with large enterprises. The joint project will receive $2 million of front-loading investments from both partners, although the share of each party is unknown. The teams promised to submit the roadmap within the next month.
The blockchain solution will enable Rostec to collect data and analyze the production in its entities, such as automobile manufacturer AvtoVAZ and firearms factory Kalashnikov. Rostec holds shares in 700 industrial enterprises in the Russian Federation.
It has been noted that the company's central office will receive volumes of non-standardized information, which requires an advanced processing capacity, from its corporate divisions. Applying the blockchain will make it possible to systematize data and back up the security level, which is especially important for military enterprises that Rostec cooperates with.
Another aspect of the partnership includes developing of tools for "smart cities." In particular, the teams will start to work on a solution for effective resource management as well as blockchain for data sharing aimed at federal and city authorities, and the residents of the cities.
Rostec is already testing the concept of "smart cities" in several regions of the country. These technologies allow to wisely consume electricity and avoid traffic jams. In addition, they are integrated in a variety of urban infrastructure systems, for example, CCTV cameras.
As previously reported, Waves introduced a protocol for the application of smart contracts.