Business & Investment

Russian companies, blockchain, and new opportunities

Gazpromneft-Aero is part of the Russian oil company Gazprom Neft. The company made an interesting announcement on Monday. Based on the information gained from this announcement, Gazprom neft-Aero has successfully completed a pilot of Smart Fuel, a blockchain-based refueling project.This project once again emphasized the importance of Blockchain technology.

Interestingly, the new platform has been implemented on over 100 scheduled flights of Russian budget carrier Smartavia. Importantly, alongside Smartavia, the pilot project involved major banks VTB and Raiffeisenbank.

It should be remembered that the blockchain-based trial in Murmansk took place from September 2020 to December 2020. The company will continue to provide Smartavia with refueling payment solutions.

Based on major Blockchain framework A new tool, Hyperledger Fabric, uses smart contracts to automate and accelerate refueling payment processing times. Interestingly, this system can process refueling payments in a short period of time. According to Gazpromneft-Aero, traditional payment transactions usually take 4-5 days.

Aviation and blockchain

It is a well-known fact that airlines have to deal with various challenges. For example, the traditional process of refueling payments is paper-intensive and overspending. To be on the safe side, it is impossible to predict the exact amount of fuel needed to fly. Therefore, airlines need to remit excess amounts of money to fuel operators to make sure they have enough money to cover refueling. Hopefully, the new tool will ensure the security of your data and maximum transparency on all sides involved in the transaction.

This was not Gazprom Neftia Aero’s first blockchain-based project. For example, the company has worked with Russian aircraft carrier S7 Airlines to develop a fuel delivery and payment system based on distributed ledger technology. Airlines need to pay more attention to blockchain technology. As you can see from the Smartavia example, this technology allows us to optimize various costs.

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Russian companies, blockchain, and new opportunities Russian companies, blockchain, and new opportunities

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