Blockchain News – Russian Ministry taps into blockchain technology

Countries all over the world might be distancing themselves from cryptocurrencies, but the same is not right for blockchain technology. In fact, due to the efficiency and transparency of blockchain technology, many countries are finding ways to adapt and use blockchain technology. It can easily inculcate transparency into the age-old systems of bureaucracy which most of the countries use. That is why countries are not hesitating to experiment with blockchain technology. The latest example is the Russian Ministry of transport.

Russian Ministry taps into blockchain technology:

IBM and Maersk are developing a blockchain-based platform to ease out the kinks in the supply chain and logistics industry. The Russian Ministry of transport is finally decided to use this platform on a trial basis. The solution which is developed by these two companies is TradeLens. While it was anticipated that many of the private companies would utilize this platform but the hopes were thin that any Ministry or country will start using this platform so soon. However, it seems like countries are eager to use blockchain technology to introduce more efficiency in their systems.

The port on which this platform will get implemented is Saint Petersburg. It is the 2nd largest port in Russia. The platform aims to utilize smart contracts. With the help of smart contracts, the paperwork will reduce significantly . All the stakeholders will be part of the platform. As a result, they will be able to use smart contracts to transact among themselves.

According to some estimates, the use of blockchain can save upwards of $ 100 million on an annual basis because the paperwork will get minimized and the efficient system will reduce time wastage. If indeed, that happens that will be a big win for the blockchain technology as well as the platform which is being built by IBM and Maersk.

The exact date of the trial is not out yet. It is assumed that it will be in this very year during the 2nd half.

Other Alternatives:

The platform TradeLens is not the only logistics solution which is being created by global enterprises. Another Russian company by the name of Baltika is also building a blockchain-based system. The company currently operates 14 different ports. That is why it will be able to quickly start using that system on the ports which it manages. It will ensure that the ports are made more efficient and with the help of blockchain technology, they will turn transparent as well.

It seems like most of the companies have understood the importance as well as advantages which the blockchain technology provides. That is why the supply and logistics industry is at the forefront to use blockchain technology to induce efficiencies in their system.

Slowly but steadily, the other industries are following as well. With the expanding use of blockchain technology, it will become easier for the blockchain technology to gain more credibility which will, in turn, encourage start-ups and companies to develop a diverse set of solutions using blockchain. One thing which is for sure is that blockchain technology is undoubtedly emerging as one of the most versatile and useful technology in recent times.