A branch of Waves, a blockchain startup, namely Vostok that has been debuted last year with the partnership with Rostec, which is a Russian state-owned holding conglomerate headquartered in Moscow that specializes in consolidating in strategically important companies. After Rostec tie-up having legitimacy at home, it complicates things abroad. Promoting the brand on the west was risky. As a result Waves decided to distance itself from Vostok’s brand but not completely.
Adoption of WEST
Even after Vostok, or East in English, being sold to GHP Group, the team and the product of Vostok remained a part of Waves’ business. Waves and GHP are trying to develop the enterprise blockchain for transportation. The profit of sale is also distributed between these two enterprises. The new name refers to the distance between itself and Vostok brand. The VST tokens, issued by Vostok, were re-branded too becoming WEST, Waves Enterprise System Token.
Waves, based in Moscow, are trying to become a key blockchain provider for the Russian state being registered in Switzerland. Waves is trying to spread its area and maintaining a friendly relation in Russia and they want to build a positive image for the global market. The company, Waves, has been expanding its work with the government-related structures.
Blockchains for Elections
To talk about blockchain for elections first of all I have to say in regard of the Department of Information and Technology in Moscow City Hall that trailed the first blockchain voting system for elections to a Moscow legislative body but the experiment got some harsh reviews. The system is prone to be hacked easily. But even then hopefully a promising future for blockchain in election management is waiting. But blockchain can be a good marketing tool for the government.
Waves have faith that it can catch up Hyperledger, a leader in enterprise blockchain. The Waves Enterprise product is designed for clients that don’t want to hire their own development teams. Waves Enterprise along with FESCO transportation Group is talking with The Russian Railways that has already been testing a solution by Hyperledger to track the production of train car wheels. Waves wants to get the Waves Enterprise Cryptography certified with the Russian Federal Security Service to work with government bodies. Waves hopes to complete certification by the end of this winter. Waves worked with Rostec to develop a roadmap for blockchain development in Russia but the roadmap got failure to meet the government expectations. And also over the blockchain tech, the government had a wrong appreciation. But to improve government’s ambitious blockchain plans, they will have more opportunities hopefully.