Russian Government Has Put Faith On Blockchain Tech To Reduce Forgery On Discounted Train Passengers!!

Russia railway are the 3^rd most largest and forms 5^th largest company to support Russia’s revenue. A Moscow based news company has reported on 1^st March this year that, Russia National Pension Fund has made some agreements with Russian railways. They have agreed on using the Blockchain technology for tracking the passengers those who qualify for discounted travelling services.

The head of the Pension fund of Russian federation, Anton Drozdov has accepted of settling a deal with the Russian railways, a state owned company to keep surveillance on any sort of forgery and cheaters. While the thing to note is that they have put up their faiths on the Blockchain technology to eliminate such frauds.

The new blockchain project intends to bring transparency to a system for monitoring users of discounted transport services, eliminating forgery and fraud, Drozdov explained while speaking in an interview with RNS.

The head of the national fund also revealed that the pilot is set to be carried out along the Moscow-Tver railway line. Drozdov while answering about the Blockchain pilots in the current decision, he said Russia’s Pension Fund cannot be involved in the initiative at the current stage. He elaborated that the central bank of Russia is now developing a legislative basis for the project, since the initiative requires a central administrator.

In support to the Blockchain technology, recently the Moscow assembly submitted to apply Blockchain technology to e-voting system with the intention to reduce forgery by keeping the voters data and the results distinctly.

Russian President, Vladimir Putin released another deadline last week for the government to adopt the Crypto related regulations i.e. the government has to adopt the regulation by the Spring session of 2019 and they have to enforce them latest by 1^st of July this year.