Rostec: Data Management on Waves Blockchain Platform

Managing data can be made easy with a blockchain forum, according to Rostec. The company is collaborating with the Waves platform to support data management and other BC-related projects.

Owning a significant amount of stocks in over 700 different organizations around Russia, Rostec will henceforth manage its vast holding on the Wave BC platform, which will further include Kalashnikov, a manufacturer of weaponry, and automobile manufacturers Kamaz and Autovaz.

Waves was developed by Vostok, originally a start-up which has now ventured with Rostec after both parties have made an investment worth $2 million on the initiative. With the announcement of Rostec joining the BC initiative, a roadmap of the upcoming project will soon be disclosed in next month.

With this recent project, application of BC techn levied on Rostec’s operation will become standardized especially for analyzation and collection of information on military and citizen goods under the supervision of Rostec.

Rostec BC Enables Smart Cities

Under the project, there is also scope for developing initiatives for smart-towns, which in return aids in leveraging data for proper management of urban resources. The blockchain project of Rostec will further enable sharing info between the municipality,  government organizations, and consumers with the help of BC tech.

The management giant of Russia had already envisioned to transform various Russian cities into smart-cities that can automatically control the functioning of street surveillance along with facial recognition capabilities, adapt to power consumptions, regulate traffic, and much more. All of these systems will soon be shifted to Rostec's Wave BC platform to enable the concept of smart city.

This blockchain project is a notable venture for Waves with which it can access  big-shot figures in the Russian ecosphere. Saying this, Sasha Ivanov, the CEO of Vostok, stated that the collaboration with Rostec will provide multiple gateways for Vostok to access a vivid section of public and private sector clients. It is also geared to further boost other developments, as Rostec is a leading provider of projects in the virtual world.

Rostec: A Catalyst of Innovation

Originating back in  2007, Rostec started as a goverent-owned entity responsible for advancing technical developments in Russia. The organization is led by Sergei Chemezov, a close official of Vladimir Putin, the Russian president.

To steer the wheel of innovation in Russia, Rostec was assigned a key function in the sphere of virtual economies. In 2017, the Russian government agreed to explore the potential of blockchain technology to leverage the economic and governance practices of Russia.

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