This could be yelled now as a Russian railway executive talks of a possible blockchain adoption to its rail networks.
In a speech, Per Vgudok, Sergey Vinogradov, the Director-General of the Scientific Research Institute of Railway Transport, advocates the truths behind the basics of blockchain technology.
He claims that Russian Railways, the national, state-owned rail operator, may soon dive into smart contract-powered business. The institute is the leading tech advisory body on railways – and is strictly affiliated with Russian Railways.
From this Russian Railways will have a reduced cost since the products offer to use smart contracts and blockchain technology, he added, would also allow Russian Railways to reduce expenses by making reductions in “the turnover of platforms and containers,” as well as reducing on supply costs for wagon management. He added that if we can consider “dynamic pricing of transportation.”
Through blockchain technology, the executive also sees that it would allow for more effective bulk transport by rail, savings on costs, and reduced exposure to risk or damager
Since the railway is powered by blockchain, costs would be cut down on road-based alternatives vs. the traditional ones.
Late last year, one could remember Russian Railways began looking for blockchain technology to become a vessel of tracking commercial passengers who qualify for discounted services. The operator struck a cooperation deal with the Russian Pension Fund.
The reported operators will be, JR East, one of Japan’s fullest rail maintenance providers with a crypto pay platform that make passengers pay for their journeys in popular tokens such as bitcoin.