Russian Railways To Make Trips Cheaper Thanks To DLT, Cryptos

Russian Railways To Make Trips Cheaper Thanks To DLT, Cryptos

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.

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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.

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