Russian Giant Railway Firm Looking To BlockChain For Better Operational Procedures

Russia Railway Blockchain

RZD, a Russian state-owned giant railway company, keeps an open mind about innovations created by cryptocurrencies like bitcoin. Media reported that Russian Railways is adopting blockchain applications, smart contracts, and accept crypto payment for tickets.

Russian Railways, dubbed “The Strongest Link in Eurasia,” and one of the top three railway systems in the world, is considering to integrate smart contracts and blockchain technologies into its system. Developments like this are certainly good news for the Russian crypto sector.

Regarding regulations or the lack of it, the State Duma, the lower house of Russia’s parliament, has already passed the first reading three draft laws for legitimizing crypto in Russia.

“In view of the forthcoming adoption of the drafts, which entail the possibility to exchange digital financial assets with rubles and [foreign] currencies, OAO ‘RZD’ plans to introduce decentralized storage of data based on blockchain technology and implement ‘smart contracts’,”

Pavel Tarentyev, an independent IT expert said.

He continued, this could lead to using cryptocurrency to fulfill the company’s contracts. Russian Railways smart contract target per month is 5,000.

RZD looks to utilize blockchain to store cargo-related information. They are also planning to accept crypto payment to provide anonymity to passengers including their travel plans.

High officials at the State Railway are getting serious with blockchain and its benefits to their system. Director General Oleg Belozerov said the firm is migrating a lot of processes and is hopeful that blockchain technologies would help reduce the cost of transportation.

Related Cryptocurrency News