The Russian government is working to create an Ethereum blockchain based system that will assign trading positions to farmers for the week end market.
The use of blockchain will ensure the creation of a detailed record of applications and relevant updates for the farmers who will receive a spot and for the ones whose application has been declined.
The system will be implemented on Ethereum blockchain, according to Andrey Borodyonkov, blockchain product manager for Moscow City Hall. Once implemented, the system will channelize the manner in which applications are accessed, putting an end to the disappointment of farmers.
Commenting on the plan, Borodyonkov said
“Blockchain is an additional guarantee that the incoming applications remain immutable as well as makes the audit of the application history possible.”
The Russian market season that started on 20th April will continue until November 25. The popularity of the market has increased several folds over the past few years. The event sees participation not only from Russian farmers, but also Belarus, Armenia, Kyrgyzstand and Kazakhstan and Kyrgyzstan. Farmers are required to submit their applications for obtaining a space for trading, with only 15,000 spots being offered. Around 20,000 applications are anticipated every year.
Russian government said
“The entire dataset is publicly viewable, transparent and available for download. In that case, submission time can be confirmed, while the application cannot be deleted or altered by someone once it is submitted.”
Andrey Belozerov, Strategy and Innovations Advisor to CIO of Moscow City, believes that the Ethereum based system will assist farmers to access crucial information publicly, thus improving transparency. Belozerov said
“We believe that farmers should have a transparent system to see why their application is declined or approved. Blockchain is to make sure that the process is fully transparent and no one can alter an application. We hope that blockchain will provide full transparency for everyone.”
