Industrial Corporation rostec signed an agreement with the blockchain startup Vostok on the joint development project for the implementation of DLT in the government. The agreement was signed today during the final day of the Eastern economic forum.

Rostec and Vostok has already laid the financial base for the project office, specially created for realization of programs in the framework of this cooperation. Total start-up capital is $2 million; however, the proportions of investment on both sides is unknown.

In the official announcement of Rostec named the following priority areas of work of the project office:

“First of all companies are planning the introduction of the platform for Vostok collection, storage and sharing of data between public authorities, citizens and municipal institutions. It also assumes the development of joint competencies for all cross-cutting technologies identified in the state program”.

Blockchain was chosen as the base technology for recording, transmission and storage because the working documentation of the offices of Rostec are not standardized. This, in turn, complicates the parsing of data and reporting. In addition, the blockchain will provide additional security in the exchange of operational information, particularly documents of military secrets.

In addition, rostec and Vostok will actively develop and develop diverse solutions for smart city infrastructure. Rostec already has several projects in this field in areas of power optimization and traffic management, implementation of systems of surveillance, face recognition etc these initiatives will also be transferred to the blockchain platform.

In comments to the media Waves and Vostok CEO Alexander Ivanov expressed his enthusiasm for the cooperation with Rostec:

“Cooperation with the state Corporation “rostec”, the main provider and driver of infrastructure projects for the digital economy, will not only provide access to a huge database of corporate and government clients to implement infrastructure solutions Vostok, but will be a strong impetus for the development as a whole.”

Along with the “rostec” will continue to work on other blockchain projects in the framework of the “MT Technology”. The company was founded in June of this year; in addition to the “Rostec” the founders include MegaFon, Gazprombank and the investment company of tycoon Alisher Usmanov’s USM Group.