Russian State Geological Holding Rosgeologiya will introduce application digital platforms using blockchain technology

St. Petersburg, June 4 - Neftegaz.RU. Rosgeo and Universa Blockchain signed a cooperation agreement for development of platform-based solutions on the basis of blockchain technology, as well as in the purposes of tokenization and application of modern blockchain technologies by junior companies specializing in geological exploration.

Sergey Gorkov, CEO of RosGeo, commented:

• We are going to apply the blockchain technology to automate the collection, processing and storage of the production information, to improve the quality of the analyzed field data and significantly reduce the time required to document the scopes of the work done
• In addition, our plans include the development of a technological platform for tokenization of junior assets, opening a new market for investment into geological exploration with emphasis to implementation of application solutions based on smart contracts

In the framework of cooperation with Universa Blockchain, RosGeo will test the tokenization of the production processes, digitization of the mineral resource base, transport and logistics, and smart geological exploration contracts in the Holding subsidiaries.

Alexander Borodich, the founder of Universa Blockchain, said:

• Our platform enables to process large scopes of information ensuring high speed performance and business continuity, which is essential for implementation of blockchain technology at production facilities of this scale
• Our expert knowledge and experience in automation of quite complex business processes on the basis of smart contracts, including those in foreign markets, allow to quickly develop a full-featured, integrated technology platform for tokenization of geological assets, and to digitize the mining process, making it transparent and understandable to an investor into a junior company

RosGeo is a Russian multi-disciplinary geological holding that carries out a full range of services related to geological exploration: from regional surveys to parametric drilling and monitoring of subsoil conditions.

A total of more than 1,000 fields and deposits have been discovered by the holding’s companies, including major hydrocarbon and solid mineral deposits and fields.