Thursday, July 18, 2019

Russia Railways Looking At Giving Discounts Using Blockchain To Rail Travelers

Russian Railway plans to introduce blockchain tech for its discounted services. This will be introduced in partnership with Russia’s national pension fund for tracking passengers that qualify for discounted services as reported by Moscow based news agency Rumbler recently.

Blockchain Tech For Monitoring Users Of Discounted Service

The head of the pension fund of the Russian Federation, Anton Drozdov, noted that the state-owned fund is expected to close the deal for a blockchain tech implementation with the Russian Railways, a government-owned freight, and passenger train services company, later in 2019.

Drozdov stated that the new blockchain project is aimed at offering transparency to a system for monitoring users of discounted services. This in Drozdov view will eliminate forgery and fraud in the system. Further, the blockchain pilot is set to be carried out along the Moscow-Tver railway line.

Meanwhile, Drozdov opinion was sought in an interview with Rumbler on the plan of the fund for blockchain pilot in a new proposed system of individual pension capital. Drozdov stated that Russia’s pension fund could not be involved in the initiative at this stage. The reason he gave for this is that the central bank of Russia is presently developing a legislative basis for the project since the initiative requires a central administrator.

Crypto and Blockchain Tech Development In Russia

In recent time the crypto and blockchain space in Russia has seen news of growth and development in the sector. The legislative arm of the government was reported to be planning new legislation for the blockchain and the crypto space in the country. Also, the president of Russia, Vladimir Putin gave an order recently for the crypto and blockchain regulation to see implementation by July 1, 2019.

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In recent time, the city council of Moscow submitted a bill to apply blockchain tech for e-voting system. This is purposely aimed at reducing the chance for fraud by separating voters personal data from the voting result.

Accelerating blockchain and crypto adoption in Russia with appropriate regulations for the industry will place it in a strategic position to annex the dividend of the industry for her citizens. Also, this will place Russia among the crypto friendly countries in the world.

Recently, the US, France among others have taken the initiative to work on appropriate legislation for their blockchain and crypto industry. This is aimed to annex the dividend of the industry for the countries.

Babatunde Modupe
I am a freelance writer, Poet, blogger and cryptoenthusiast that is totally interested in blockchain technology and sharing it's Information with others.

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