Rostec Manufacturing Company Partners with Vostok, a Waves Blockchain Project
Cryptocurrency adoption by smaller businesses is certainly a step in the right adoption for major mass adoption and implementation. However, experts argue that an even more essential need for the expansion of blockchain technology into the larger global economy is the participation of large institutional powers in the traditional sector in the evolving crypto space. When the big companies using traditional means of handling data begin to use blockchain solutions, the results for the community can be astounding.
Aside from an increase in the general legitimacy given to the industry by the media and the general public, the assistance of global financial giants in multiple industries can help to incentivize and increase to the technology and development of core aspects of the blockchain industry. Though some components of Bitcoin and cryptocurrency continue to voice their philosophical issues with the interference of traditional money in the libertarian cryptocurrencies, when the big money is behind cryptocurrency and blockchain, everybody seems to win.
The cryptocurrency community has recently broken news on yet another major adoption in the traditional sector. A major manufacturing giant run by the Russian government has decided to get involved in the blockchain battle in the evolving sector. Rostec is a major corporation with hands in the pockets of over 700 different entities doing business in Russia. The company has recently announced its new partnership with Vostok, a Russian startup project being backed by the massive Waves blockchain company.
A Big Step
The company has spared no expense in the partnership with Vostok. The manufacturing behemoth and the new startup have teamed up, investing around USD $2 million into the new project run by the Vostok team. It is unclear so far what stake in the company Rostec might have, although speculation is that the massive corporation likely holds a substantial amount of capitol in the new project.
Rostec seems primarily interested in using the evolving blockchain applications by the startup to bolster their own security of information within their facilities. Additionally, the use of blockchain technology is projected to up the overall organization of the plethora of organization behind held on servers by Rostec all over Russia.
Smart City Project
The core of the project being funded by Rostec will be the creation of “smart cities,” which are cities that use data management skills to more efficiently manage resources in heavily-urbanized areas. The blockchain technology developed by the Vostok team will help to organize data in a way that is more easily transmitted and shared between federal powers, city governmental entities, and the citizens affected most by the data’s application.
The exact nature of the agreement by the two companies appears to be relatively secret, with little information on Rostec’s plans for the technology becoming immediately available. However, the benefit for the Waves corporation is relatively clear. The company is gaining access to a major economic power within the large Russian economy, as well as the opportunity to further fund and develop one of their most ambitious projects.