Russian Rail Network Could Join the Blockchain Adoption Wave

Share this story:

1891 Total views

Listen to article
Russian Rail Network Could Join the Blockchain Adoption Wave

News

An advisor to Russian Railways, the country’s national rail operator, praised the rise of blockchain technology and hinted that it could be implemented as part of the country’s rail network.

According to Vgudok, Sergey Vinogradov, the general director of the Scientific Research Institute of Railway Transport, blockchain may have a place in the national transport system. In fact, Vinogradov believes the rail network could be managed using blockchain-based smart contracts in tandem with a predictive system for managing the maintenance of container trains.

He also feels that a future blockchain-based platform could help logistics firms, buyers and sellers to purchase cargo spaces across Russia’s rail transportation network. He commented:

“The [blockchain] solution allows you to exclude operations for transshipment and storage of goods and to abandon specialized trucks, which cost two to three times more than multi-purpose trucks. The shunting and sorting work with the rolling stock will be significantly reduced.”

Russia recently passed a major bill related to cryptocurrencies like Bitcoin (BTC) titled “On Digital Financial Assets.” This bill finally provided legal status to crypto, though it did not allow for digital currencies to be used as a form of payment.

Read More

All provided materials and tools are for entertainment purposes only and should never be considered financial advice. Crypto News 19 will not take any responsibility for lost funds based on investments/trades made on information found here or any linking website/affiliate. This includes all social media posts and all other communications occurring under the name Crypto News 19. You should always seek professional advice before making any investment or trade.