A Russian railway executive has talked of the possibility of adopting blockchain technology on the nation’s rail network. Per Vgudok, Sergey Vinogradov, the Director-General of the Scientific Research Institute of Railway Transport, spoke of the virtues of blockchain technology – stating that Russian Railways, the national, state-owned rail operator, may soon seek to begin smart contract-powered business. The institute is the main tech advisory body on railways – and is closely affiliated with Russian Railways. Vinogradov stated that blockchain platforms could also allow logistics firms, buyers and vendors to purchase cargo spaces on Russian trains and help “build logistics chains more efficiently.”Using smart contracts and blockchain technology, he added, would also allow Russian Railways to reduce costs by making reductions in “the turnover of platforms and containers,” as well as cutting down on supply costs for wagon management. He added that it would also help the operator use a “dynamic pricing of transportation.”Blockchain technology, he opined, would allow for more effective bulk transport by rail. Freight rail customers could also expect to save on costs, reduce the chance of risk or damage. He added that a more competitive rail logistics industry – powered by blockchain technology – would also help cut down on road-based alternatives. The latter, he said, are often more expensive and more environmentally unfriendly. And he added that even passenger train operators could make effective use of blockchain technology. Last year, Russian Railways began exploring the use of blockchain technology as a means of tracking commercial passengers who qualify for discounted services. The operator struck a cooperation deal with the Russian Pension Fund. Elsewhere in the world, JR East, one of Japan’s busiest rail operators, last year began experimenting with a crypto pay platform that allows passengers to pay for their journeys in popular tokens such as bitcoin (BTC).____Learn more:Blockchain-based Pay’s the Way for South Korean HighwaysHow Blockchain Will Help Send People Into SpaceChinese Banks Set to Adopt Blockchain-powered Forfaiting Platform
All data is taken from the source: http://cryptonews.com
Article Link: https://cryptonews.com/news/blockchain-could-help-rail-eclipse-road-says-russian-tech-ch-7374.htm
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Speakers: Jerry Norton, CGI; TIm Yudin, Payments UK; Stig Korsgaard, Nets;
Value add services added through faster payment rails are being implemented. These services have been deployed in the United Kingdom, Denmark, Sweden and various other countries. Learn more about these services, their adoption curve, and how they are making a difference for financial institutions and in the market in general.
Please note: The Faster Payments Symposiums mentioned in this video are no longer available. Contact us for your faster payments education needs.
EPCOR’s Did You Know video series covering payments changes and updates. Did You Know… There is a difference between a new payment product and a new payment system? This video features information about Faster Payments and compares products and rails of different transaction types.