Gazprom Neft and S7 Airlines reveal blockchain success on refueling
Gazpromneft-Aero, the aviation fuel unit of Russian oil major Gazprom Neft, and S7 Airlines have successfully tested and deployed a blockchain platform allowing instant payments for aircraft refueling services.
According to a report in Cryptovest, the two companies are believed to be the first in Russia to have used distributed ledger technology (DLT).
The platform allows the airline to initiate an aviation fuel smart contract (AFSC) containing information about the refueling of a future flight, the initial fuel volume, and price.
This information is then passed to the respective airport and its fueling operator. After the service is rendered, the payment is released.
The companies insist the entire process becomes much faster and simpler as it does not involve pre-payments, bank guarantees and allows for secure storage of all relevant information as well as eliminating the risk of contract breaches