The use cases of blockchain technology keep evolving, and more and more industries and market segments are adopting the technology to enhance their day to day operations.
Building upon this phenomenon, a railway operator from Russia and the Commonwealth of Independent States (CIS) announced that it would be utilizing blockchain technology to digitize its operations.
According to local news sources, Novotrans, one of the largest railway rolling stock operators in Russia and the CIS, shared its plans to use blockchain and its underlying distributed ledger technology (DLT) to make its everyday operations faster, securer, and more reliable to manage.
The company intends to use the technology to improve upon its current processes that account for idle rail cars, spare parts, repair requests and pertinent procedures.
By using the fast and transparent methods that blockchain brings to the table to share information between relevant parties, the company aims to cut down processing times while ensuring that all information being shared between employees is reliable and can be trusted without question.
About the platform which will be utilized for this purpose
To execute the project, Novotrans will be collaborating with the Universa.io blockchain platform.
Universa claims to have fixed the problems that popular blockchain networks such as Bitcoin and Ethereum face at the moment with their scaling issues, which cause the networks to be slower than their optimal speeds, and which in turn affect transaction time and costs.
As per Universa, the platform is free of such issues and currently boasts a speed of performing around 22 thousand transactions per second while also offering the usage of smart contracts so that the services can be adapted for any interested business according to their requirements.
Due to this, the platform is confident in proving itself as a viable solution for industry-level entities that need a large amount of data to be processed while taking advantage of the security and transparency that comes with blockchain technology.
That is one of the very reasons why Novotrans chose Universa as its platform, since Novotrans holds a very large amount of railway rolling stock, making it difficult to digitize its operations due to the sheer vastness of data alone.
However, with the capabilities that Universa provides to its users, the platform aims to complete the digitizing process within a year and have Novotrans be able to carry out its operations through blockchain technology accordingly.
When will this go into effect?
Novotrans and Universa inked the agreement for this project on February 15 as part of the Russian Investment Forum in Sochi.
Both companies will now move forward with executing their plans and hope to have the system available for real-world deployment and usage as soon as the platform’s design and structural details are finalized for optimal solutions.
Since this is a first of its kind solution for the railway industry, it would be interesting to see how it turns out for its stakeholders, as it could very well open doors to new opportunities for blockchain technology.