Russian Railways and FESCO Transportation Group have concluded an agreement on cooperation in implementing smart contracts. The document was signed by RZD CEO and Chairman Oleg Belozerov and FESCP President Arkady Korostelev at the St. Petersburg International Economic Forum.
The parties intend to jointly offer a service using smart contracts for rail freight transportation. A pilot will be implemented for shipments from Commercial Port of Vladivostok, part of FESCO Group, in the Russian Far East, to the rail station St. Petersburg Finlyandsky in Northwest Russia.
At the first stage, the parties will establish a working gro9up to develop an algorithm for smart contracts.