“Gazprom Neft” And S7 Airlines Became The First Company In Russia That Switched To Blockchain Technology
Gazprom Neft-Aero and S7 Airlines have developed and established blockchain-joint smart contracts (aviation fuel smart contracts – AFSC), which ethe speed and profitability of mutual settlements at aviation refueling, as well as automate the designing and accounting of fuel supplies.
This is the first use of distributed Ledger (DLT) technologies in the Russian market. With it, aviation companies now have the ability to make instant payments for fuel directly at aircraft refueling stations, without pre-payment, Bank guarantees or any financial risks to the parties involved — an approach that leads to multiple increases in the speed and efficiency of financial transactions, as well as reducing labor costs.
Thanks to blockchain technologies, data on refueling operations are securely stored in the AFSC system. All transactions are carried out exclusively on the basis of a digital contract approved by both parties, which eliminates the possibility of violation of contractual terms and increases the transparency of accounting.