Rostec subsidiary partners with blockchain platform Vostok

National Center for Informatization, a subsidiary of Russian manufacturing conglomerate Rostec, has entered into a partnership with blockchain platform Vostok, Cointelegraph reported referring to a report from Russian news agency Tass.

In December 2018, Blockchain startup Waves raised $120 million in a funding round to launch its private blockchain platform and system integrator, Vostok.

Under the agreement, Vostok will develop blockchain-based solutions for NC to implement in joint infrastructure projects.

“The partnership with Vostok will give the NCI the opportunity to develop competencies in the implementation of blockchain technologies at the municipal, regional and federal levels,” TASS said (as quoted by Cointelegraph).

In September 2018, Rostec signed an agreement with Vostok to develop a data management system based on blockchain technology. The companies planned to invest a combined $2 million in the project, which aimed to bring blockchain technology to Rostec's operations, including standardizing, collecting and analyzing data about the manufactured products, which include both military and civilian goods.

In addition to Rostec, Vostec has also teamed up with Russian bank Sberbank, transport tech company Transmashholding, Russian development bank VEB.RF, and Kazakhstan telecom firm Transtelecom.