China and Russia will build a blockchain exchange of forest resources

China and Russia will build a blockchain exchange of forest resources

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The far East is going to introduce a digital blockchain exchange, specializing in transactions for the sale of timber.

Now the wood, which is purchased in the bypass of such an exchange is likely to be considered contraband.

As the head of the Far-Eastern Agency for export and investment Leonid Petukhov, transactions will be recorded on the blockchain exchange.

As reported by the RF Ministry of Far East development, Leonid Petukhov, discussed the organization of exchange with the Secretary of the forestry Association of China Chi Phen, and a Director of the China-Russian Union of timber Industrialists of the su Ming. As said Petukhov, the introduction of detailed data in the blockchain system will make operations transparent, and will make the work easier for entrepreneurs.

The agreement was reached on the details of the future project, and presenting it for discussion at the level of governments of the two countries.

The publication “Invest-Foresight” says that wood, purchased on the stock exchange, will be automatically certified and will be considered to be legally acquired.

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