Russian Railways Ponders Blockchain Use for Tracking Passengers Who Use Transportation Services

The national pension fund of Russia has reunited with the Russian Railways recently in order to push forward a blockchain program that will help both entities. The companies have entered in an agreement to use the blockchain technology in order to track and transport passengers which are beneficiated by services like discounts.

According to the head of the pension fund, Anton Drozdov, the fund expects to close the deal with the railway company soon and that the partnership is expected to bear fruit during 2019.

This new blockchain project aims to bring transparency to the system that will be used in order to monitor the users for discounted transport services, as this would eliminate the forgery of fake documents and fraud among the system. Drozdov has also revealed that the pilot will be done in the Moscow-Tver railway line first and that, if it works, it will be brought to the rest of the country.

Russian Pension Fund And The Blockchain

Drozdov has affirmed that the fund cannot be directly involved in the initiative, though, as it currently lacks the government permission to do so. In order for the technology to be actually put in motion, a legislative basis for it has to be approved in the government first. Because of this, the fund is focused on having a successful trial before thinking ahead.

The blockchain is being used a lot in Russia, despite the country’s distrust of Bitcoin and other cryptos. The city council of Moscow, for instance, has approved a bill that will apply the blockchain technology for e-voting, which will be used to reduce fraud.

Vladimir Putin, the president of Russia, has recently adopted a new deadline for the government to decide about crypto regulations, too. The regulation is now set to be adopted and enforced until July 1, 2019.

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