Russia's state-owned oil company Gazprom Neft has partnered Russian airline S7 to develop and implement a blockchain-based aviation refueling and payment settlement system using smart-contracts. Gazpromneft-Aero is the operator of the Gazprom Neft's aviation refueling business.
The companies claim to be the first to move to blockchain distributed ledger technology for aviation refueling in Russia.
The use of joint smart-contracts or aviation fuel smart contracts (AFSC) improves speed and efficiency in reciprocal settlements in aviation refueling, as well as automating planning and accounting in fuel supplies.
The first refueling of a S7 scheduled flight using the new system took place at Tolmachevo airport (Novosibirsk), where a Gazprom-Aero refuelling complex is located.
Gazpromneft-Aero CEO Vladimir Egorov said, "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."
The new blockchain-based system will enable aviation companies to make instant payments for fuel directly on refueling aircraft, without pre-payment, bank guarantees or any financial risks to the parties involved. The data on refueling operations is guaranteed to be securely stored in the AFSC system.
The process of using smart contracts approved by both parties eliminates the possibility of any breach of contractual terms and improves transparency in accounting and settlement.
Under established procedures, once refueling is complete, reconciliation takes place and settlement is made. This means the new system automates trading operations between three parties — the bank, the airline, and the refueling company.
S7 Airline is among the first to use smart-contracts for letters of credit. It also developed a blockchain platform to automate trading operations with various counterparties, and launched a mutual-settlement service for air-ticket sales agents.
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