Last updated on May 5th, 2021 at 08:27 am
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As per the statement from
Announced Thursday, Rostec has signed an agreement with Vostok, a startup founded by the Waves platform team. The two partners will invest be investing a combined $2 million to bootstrap the project, but Rostec’s share was not disclosed. Over the next month, the joint team will present a roadmap for the project.
The project will pave the way for the application of blockchain technology to Rostec’s operations – specifically, for standardizing, collecting and analyzing data about the products manufactured under Rostec’s supervision, which include both military and civilian goods.
The information coming from these disparate locations to Rostec’s head office is not standardized and thus difficult to parse. Blockchain is expected to improve the organization and security of this data, some of which is sensitive military information.
For Waves, the deal is a high-profile partnership that offers the opportunity to reach major players in the Russian economy.
“Working together with Rostec, which is the main provider and driver for projects in digital economy, will not only get us access to the wide range of corporate and government clients but also will give us a strong impulse for the further development,”
Waves’ and Vostok’s CEO Sasha Ivanov said in a statement.
Rostec was created in 2007 as a state-funded corporation responsible for accelerating technological development in Russia and is chaired by Sergey Chemezov, one of the closest public officials to president Vladimir Putin.