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Gazprom Neft and S7 Airlines become the 1st companies in Russia to move to blockchain technology in aviation refuelling
27 August 2018 , 10:20Neftegaz.RU820
St.Petersburg, August 27 - Neftegaz.RU. Gazpromneft-Aero and S7 Airlines developed and implemented blockchain-based joint smart-contracts (aviation fuel smart contracts - AFSC), improving speed and efficiency in reciprocal settlements in aviation refuelling, as well as automating planning and accounting in fuel supplies.
This is the 1st usage of distributed ledger (blockchain) technologies on the Russian market. With its help, aviation companies now have the opportunity to make instant payments for fuel directly on refuelling aircraft, without pre-payment, bank guarantees or any financial risks to the parties involved — an approach resulting in manifold improvements in the speed and efficiency of financial transactions, as well as reductions in labour costs.
Thanks to blockchain technologies, data on refuelling operations is guaranteed to be securely stored in the AFSC system. All operations are undertaken exclusively on the basis of a digital contract approved by both parties, eliminating the possibility of any breach of contractual terms and improving transparency in accounting.
Anatoly Cherner, Deputy CEO for Logistics, Refining and Sales, Gazprom Neft, commented: «The development and implementation of digital services like this is an important element in creating a digital platform for managing the logistics, processing and sale of oil products at Gazprom Neft. Implementing digital transformation projects in cooperation with major partners will enable the company to reach a new level in technological and operational efficiency, right now.»
Gazpromneft-Aero CEO Vladimir Egorov added: «Gazpromneft-Aero operates to international standards, and is implementing international best practices, in innovating to improve efficiency in aviation refuelling in Russia. 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.»
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