Gazprom has created new blockchain use cases in the area of aircraft refueling. SmartFuel uses a blockchain solution for immediate payment.
The global energy company, which is largely controlled by the Russian state, has its core business areas in the exploration, production, storage, and processing of gas or oil. The customer segments are primarily in the marketing as fuel and the generation of heat or electricity.
With its size, Gazprom is not only a well-known player in the entire sector but also one of the largest employers in Russia. Now the energy giant has taken a closer look at the innovative technology and has actually designed various blockchain use cases.
This will solve a crucial problem with many airlines: because previously, the transaction time between kerosene suppliers and the various airlines was designed to be four to five days. Funds can now be transferred in up to 15 seconds. This enables higher and faster usable liquidity for both sides.
Blockchain use cases do not only refer to more efficient payment. Refueling inquiries, the exchange of billing documents, and a wide variety of technical documents can also be used quickly.
The use of blockchain technology guarantees that all transaction data is stored in the system and is therefore available to all participants. This not only enables a transparent system but also completely automates the entire data exchange process. The blockchain use cases are constantly synchronized with the airlines’ electronic systems.
The first test runs have already been tested at Murmansk International Airport. The software was also used by Gazprom Neft’s aircraft refueling operator, Gazpromneft-Aero, to refuel over 100 Smartavia Airlines flights.
By the end of 2021, the SmartFuel software is to be rolled out across the entire country in all airports with refueling facilities from Gazprom Neft. International expansion is also planned. The banks VTB and Raiffeisenbank are already partners in the project.
Blockchain use cases go far beyond conventional use cases. In the long term, complex flight systems can be mapped more easily using a blockchain solution using various data management options.
Gazpromneft-Aero’s CEO Vladimir Egorov stated:
Successful registration with the Ministry of Digital Development means that our platform is recognized by industry experts and at the federal level. SmartFuel makes the work of our partners easier and at the same time increases the security of financial transactions.
This solution allows us to focus on the needs of our customers — the airlines — and has great potential for diffusion within the global aviation industry. Smart Fuel is a practical tool that we want to offer to all market participants.
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