TerraTech and Masterchain will create digital financial assets

2022: Blockchain Technology Usage Plan

JSC TERRA TEH, a company of the Russian Space Systems holding (RKS, part of the Roscosmos State Corporation), and the company Distributed Registry Systems (developer and operator of application services on the Masterchain blockchain platform) entered into a cooperation agreement. This was announced on April 27, 2022 by the company "Distributed Registry Systems."

The parties in cooperation with the State Corporation "Roscosmos" intend to implement projects using distributed registry technologies in the field of products and services of remote sensing of the Earth (DZZ) from space. In particular, among the first projects, TERRA TEH plans to release hybrid digital financial assets (CFA) related to the use of DHS data and digital images on the Masterchain platform.

The DHS industry is one of the most applied applications of space technologies for solving Earth problems. In Russia, TERRA TECH takes on the role of a pioneer in the creation of digital assets based on distributed registry technology (blockchain) in conjunction with space surveying and geoservices. Distributed registry technologies have great potential for application in areas related to the protection of space images from changes, interaction with consumers of services and services of remote sensing using secure smart contracts, accelerating transactions and simplifying document flow, said Maxim BOLTACHEV, First Deputy General Director of TERRA TECH JSC.

Distributed registry technologies are included in the list of "end-to-end" digital technologies, the development of which is supported by the national program "Digital Economy of Russia," and are a legally defined technology for creating platforms for the production and exchange of digital financial assets.

The introduction of blockchain solutions in the space industry is an important step in expanding the scope of this innovative technology in the real sector of the economy. The basic properties of distributed register technologies are well suited for solving the practical problems facing TERRA TEM, and the actively developing Russian market for digital financial assets provides great opportunities for the popularization of remote sensing services and the commercialization of the geodata fund, noted the General Director of Distributed Registry Systems LLC Igor KUZMICHEV.

The cooperation of TERRA Tech with Distributed Registry Systems will give new impetus to the introduction and development of blockchain-based projects and other enterprises and areas of the space industry, for example, in the field of life cycle management systems for complex products of the rocket and space industry or systems for collecting and monitoring readings from objective control devices.