Russian Railways OJSC and FESCO Transportation Group (“FESCO”) have made a cooperation agreement for the implementation of smart-contract service usage. The agreement was signed at the International Economic Forum in St. Petersburg by Oleg Belozerov, the general director and chairman of the management board of Russian Railways OJSC, and Arkady Korostelev, president of FESCO. The companies are jointly going to implement the service for using smart contracts in freight transportation.
The project will be tested on the route from Commercial Port of Vladivostok (part of FESCO Group) to St. Petersburg–Finlyandsky station. At the first stage, production rules will be developed, including a description of the smart-contract algorithm. To work on it, the companies will launch a joint working group.
The smart-contract service will provide contractual support of the main transport and logistic operations and mutual payments occurring between the parties involved in the transportation process.