“Rosseti” testing payments on the blockchain

The Russian state energy company Rosseti is testing a blockchain solution for conductingpayments in the retail sector of the energy industry.

System developed by Waves startupIt is aimed at automating transactions between the manufacturer, supplier and consumer, as well as at increasing their transparency. In their official blog, startup representatives emphasized that the main incentive to develop the system was the inefficiency of domestic industry, the lack of transparency, and the growing debt of the state-owned company.

The blog states that according to official figuresGovernment of the Russian Federation, the total debt for electricity as of September 1, 2019 amounted to 1.3 trillion rubles ($ 15.7 billion), of which 800 billion rubles ($ 12.6 billion) fell to private consumers.

The new solution has already been tested at 400 sites in the Kaliningrad and Sverdlovsk regions, and the results of the pilot project were recently presented at the Electricity Forum in Moscow.

At the next stage, Rosseti planscompletely transfer work in two areas to the blockchain. According to company representatives, the transition will occur at the beginning of next year, and ultimately the whole country will switch to blockchain.

Based on materialscointelegraph.com