Russia to Eliminate Labor Violations by Utilizing Smart Contracts

  • Russia’s state pension fund is utilizing smart contracts to store data related to labor relations agreements. Blockchain ensures the transparency of such agreements

Cover image via U.Today

Russia’s state pension fund is utilizing smart contracts to store all the data related to labor relations agreements on distributed databases. Blockchain ensures the transparency of such agreements by eliminating the possibility of altering previously recorded information.

A local media outlet reports that Russia is planning to ditch paper employment contracts once the new technology is implemented. The country’s Prime Minister Dmitry Medvedev said that digital labor books are expected to appear as early as in 2020.

In a long-term perspective, Blockchain could become a permanent solution for labor violations that are currently prevalent in Russia.
 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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