Gazpromneft-Aero, the aviation subsidiary of the Russian oil firm Gazprom Neft, has completed a successful pilot of its blockchain-based refueling project, Smart Fuel.
It has been reported that the new platform was implemented for more than 100 scheduled flights of Russian budget airline Smartavia, operating at Murmansk’s international airport. Alongside Smartavia, the pilot involved major banks VTB and Raiffeisenbank.
Dmitry Makarov, the head of the Smart Fuel project, said that the blockchain-based trial in Murmansk ran from September 2020 to December 2020.
Makarov said that after the successful pilot, Gazpromneft-Aero will continue providing its refueling payment solution to Smartavia.
However, based on the major blockchain framework Hyperledger Fabric, the new tool uses smart contracts to automate and accelerate refueling payment processing times.
Gazpromneft-Aero said that the system is capable of processing refueling payments in a matter of seconds, while traditional payment transactions usually take up to four or five days.
Makarov explained that the traditional process for refueling payments is paperwork-heavy and involves excessive spending.
“Since it’s impossible to forecast the exact volume of fuel needed for a flight, airlines need to transfer an excessive amount of funds to fuel operators to make sure there’s enough to cover the refueling.”
Thus, he concluded that the new tool guarantees data safety and maximum transparency for all the participants in a transaction.
Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.
Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.
We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.