Russian Railways To Make Trips Cheaper Thanks To DLT, Cryptos

post image

Russian Railways intends to implement a range of technological advancements, related to blockchain and cryptos. In particular, the RZD company is going to adopt blockchain apps, smart contracts as well as ticket sales in cyber-currencies. Thus, this enterprise may become a state-run titan which looks forward to getting close blockchain tech trends.

Moreover, there have been already emphasized the benefits of the blockchain for logistics and transportation services.

Our top trading bots

RZD Goals In The Blockchain field

According to reports of local media, Russian state-owned company is eyeing the possibility of embracing apps related to cyber-coins. Among them, there are such as smart contracts as well as DLT tech trends. Furthermore, RZD may even commence vending tickets for digital assets.

This enterprise refers to itself as “the strongest link in Eurasia,” and, according to new.Bitcoin.com, the implementation of new technologies can even strengthen its positions in the crypto-ecosystem of Russia.

However, there might be a severe obstacle on RZD’s way to success. And this obstacle is insufficient regulation. Hopefully, this changes in the nearby future as the country’s Duma, a lower house of parliament, has already adopted three draft bills at the first reading, which are directed at the legalization of crypto-ecosystem in the state. All of them are expected to be finally approved by the end of the current month.

A Goal Of 5,000 Smart Contracts Per Month. Indeed?

Pavel Terentev, a free IT specialist, spoke to the Russian media outlet Fedpress concerning this issue. Notably, he stressed that the implementation of these technologies could provide RZD treaty relations with complete automation. Also, according to his words, this could lead to the execution of treaty conditions with the use of cyber money.

In addition, he said that RZD plans to issue the maximum of 5,000 smart contracts per month.

“Given the upcoming implementation 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,’” said Terentev.

Paying For Tickets With Cryptos

The Russian IT-expert also said that the potential financial operations related to passengers’ trips could be carried out via cybermoney. It means that travelers might get an alternative payment method on par with the already existing ones such as electronic method or cash.

However, cryptos will provide passengers with undisputed benefits like anonymity to their both identities and travel intentions. And that’s, by the way, thanks not only to cryptos but the DLT-based storage of their data too.

Storing Infor About Cargos on Blockchain

Russian Railways is going to focus also on the preserving the info concerning cargo shipment with the use of DLT advancements. This is expected to cut down the expenses on logistic services.

Previous Plans

It is not the first time when RZD unveils some of its progressive crypto-intentions. Earlier in March, the leader of Russian Railways’ IT division Evgeniy Charkin had already discussed the plans of the company to get closer to the bitcoin- and blockchain-world but only once the respective legislation implemented.

In the meantime, Oleg Belozerov, the Director General of the enterprise, has said that RZD has already stepped on a path of the digitization of lots of processes. Nearly half a year ago at one of the business meetings, he emphasized that the adoption DLT would make the transportation less costly.

It is noteworthy that Russian Railways is not the only state-run transportation company which is jumping on the crypto-bandwagon. In Switzerland, the country’s official railway service has already been vending cryptos to its passengers since 2016.

Quick Look At All Crypto News And Events For November 2020
Were you too engrossed in trading left and right that you’d completely spaced on getting your monthly update of the latest events in the crypto world? Well,...
Monero’s Hard Fork Decreases its Transaction Fees by 97%
Monero’s transaction fees have significantly fallen down after the coin’s hard forл was executed last week. Particularly, the fee has decreased by 97% from...
Ellen DeGeneres Received $4 mln in Ripple’s XRP As A Donation From Ashton Kutcher
“You’re always thinking about everyone else," said actor Ashton Kutcher to the TV-host and comedian Ellen DeGeneres on her show this week. Kutcher went...
Venezuela Adopts Decree on Cryptos And Petro
Last week the Constituent National Assembly (CNA), which was chosen a previous year to draught a novel law for the nation in order to suit Nicolas Maduro’s...
Soros’s Fund Is Reportedly About to Start Trading Cryptos
Back in January, the business magnate George Soros called bitcoin a bubble, which, if bursts, won’t seriously affect the entire financial ecosystem. ...
Seoul Intends to Set Off Its Own Crypto-Coin
Despite the fact the government of South Korea overall tries to be CoinDesk Korea reported. S-Coin Like No Other Coin According to the report, this...
Bitcoin Booming in Nigeria: Citizens Trading $4 mln of BTC a Week
There are thirteen local crypto trading venues in Nigeria, and every week the country’s citizens trade approximately $4 million of BTC. And that’s in spite...
Genuine “Wolf Of Wall Street” Says Bitcoin Could Soar by $50,000 Ere Crashing to Zero
Jordan Belfort, a motivational orator and ex-stockbroker, whose story was put in Martine Scorsese’s movie “The Wolf of Wall Street,” has called bitcoin...
A Virus That Masquerades As a SpriteCoin Wallet
Analysts of Fortinet, dealing with cybersecurity, found a virus-extortionist masquerading as a crypto-currency purse. In their opinion , SpriteCoin has...
Bitconnect Closes the Platform For Cryptocurrency Exchange
"A financial pyramid" by Vitalik Buterin - the Bitconnect project, which caused a lot of doubts in the crypto community, announced that the platform for...
Risks of Cashing Out Cryptos Into Fiat
In 2017 bitcoin has grown by around 1,700%, when litecoin managed to surge up by about 7,000% and despite the correction which occurred to the whole crypto...
The AI revolution has begun: SingularityNet ICO gone in 60 seconds
Colossal tech companies use AI to process millions of real-time data points every second. So they need something that could help with automation. Here what...
Bitcoin Was Predicted in a Book Two Decades Ago
“Soon, you will pay for almost any transaction over the Net or World Wide Web at the same time you place it, using cybercash. This new digital form of money...
Crypto Market Cannot Survive Without Fair Regulation – Credit Analyst
Scott Ryan, who is a credit analyst and avid follower of the cryptocurrency markets, believes that crypto markets need a particular regulation. On the one...
Bitcoin On the Edge of 2017: Huge Milestones and Expected Changes
The holiday season is in high gear, and bitcoin has started recovering from a devastating plunge by 30% which took place just three days before Christmas....