Russian air carrier S7 Airlines has associated with state-owned Gazprom Neft, the big oil company to utilize blockchain-based smart contracts for aircraft fuelling, a public statement confirmed Friday, August 24.
S7, which has built up a few blockchains utilize cases in the previous two years, will now utilize the innovation to build productivity of fuel delivery and payment, and in addition in the refueling procedure at airports.
The organization highlights Gazprom Neft’s committed aviation refueling subsidiary Gazpromneft-Aero.
“Using blockchain technologies in reciprocal accounting and settlements between aviation companies and fuel operators gives new impetus to the development of the entire aviation industry,” Gazpromneft-Aero CEO Vladimir Egorov commented.
As indicated by the group included, the move denotes the principal utilization of such blockchain technologies on the Russian market.
Smart contracts will supplant the present more intricate process including pre-payments, bank ensures and “associated risks,” Gazprom clarifies, which will thus induce decreased processing time and save funds on labor costs.
“Under established procedures, once refueling is complete, reconciliation takes place and settlement is made,” S7 Group CIO Pavel Voronin included:
“Technology means transparency in reciprocal settlements is improving, meaning we can abandon a range of manual operations and speed-up processes.”
In late 2016, S7 partnered with Alfa Bank, a local bank on utilizing smart contracts for B2B payments, while a year ago, ticket deals started in what Voronin depicted at the time as “world’s first flight ticket purchase through an open API blockchain to a bank.”