Russia’s state-backed conglomerate Rostec said on Thursday it has joined forces with the Vostok project, a product of blockchain firm Waves, to implement the distributed ledger technology (DLT) within the framework of Russia’s project ‘Data Economy’, which aims to digitize the economy by 2024. Rostec and Vostok will develop blockchain solutions for infrastructure projects, especially in the context of smart cities, and will create a technological basis to support “digital enterprises”.
Under to the agreement, the two companies will develop a project office for the implementation of the technology under the Data Economy program. Initially, Rostec and Vostok intend to use Vostok’s blockchain platform to collect, store, and exchange data between state agencies, citizens and municipal institutions. The joint investments in the project office will reach about $2 million.
Sergey Chemezov, CEO of Rostec Corporation, noted that the conglomerate is searching for promising projects and technology leaders in order to explore new opportunities for the development of digital systems.
“A key criterion for the selection of development companies is the high level of proposed solutions and their relevance in the market. The Vostok platform fully possesses such characteristics and can be successfully integrated into complex digital projects in the interests of our corporate and government customers,” he added.
The Vostok project is a universal blockchain solution aimed at scalable digital infrastructures. It includes two key elements: the core technology – Vostok’s permissioned blockchain, and a facilitator to support its development and implementation – the Vostok system integrator.
In July 2018, BI.ZONE, the cybersecurity branch of Russia’s largest bank Sberbank, partnered with Vostok to guarantee the security of its platform and the platform provided by Waves.
Following the news on the partnership between Vostok and Rostec, the price of Waves’ token gained about 14% to $2.37. The uptrend started a few days ago when Waves announced that it would support smart contracts on its mainnet.