Blockchain Data Management Platform Planned By Russian Manufacturing Giant Rostecbr>
Rostec is a state-owned holding conglomerate that develops, manufactures, and exports high-tech industrial products designed for civilian and military applications. Its products include combat units, oxygen equipment for aviation, sporting guns, compressed air gun models, hunting guns, friend-or-foe systems for aircraft, vehicle, and object identification, BI-7 rifles, hunting rifles for cops, fighter jets, and cameras.
Vostok, a startup founded by the Waves platform, offers private, permissioned blockchain-based databases, distributed computing and integration services. Vostok’s proof-of-stake (PoS) private blockchain platform is leveraging the latest advances in blockchain technology by implementing Waves-NG, a next-generation consensus algorithm, increasing network capacity, stability and speed. It is primarily intended to connect public administration services, banks, registries, and payment providers to form the foundation of the digital infrastructure for the certifying, registering and tracking of data.
Under the agreement, the two companies will work together to apply blockchain technology to Rostec’s operations, including standardizing, collecting and analyzing data about the manufactured products, which include both military and civilian goods. The Vostok platform will collect, process and store statistical data, as well as classify the products produced by Russian industrial enterprises. They will invest a combined $2 million in the project and will release a project roadmap over the next month.
The two companies will also develop blockchain solutions for smart cities. They will use the technology to collect, store and exchange data between government agencies, citizens and municipal institutions.
“Blockchain technology is challenging and is applicable for use in a large number of industrial spheres,” said Vasily Brovko, the Director for Special Assignments of Rostec. “The use of blockchain when working with large arrays of data and exchanging data in internal information systems makes it possible to provide data with protection, which is critically essential for Rosteс.”
“Working together with Rostec, which is the main provider and driver for projects in digital economy, will not only get us access to the wide range of corporate and government clients but also will give us a strong impulse for the further development,” said Waves’ and Vostok’s CEO Sasha Ivanov.