Russian airline S7 Airlines has teamed up with state oil giant Gazprom Neft to use blockchain-based smart contracts for aircraft refuelling, a press release issued on Friday 24 August confirms.
S7, which has developed several block chain applications in the last two years, will now use the technology to improve the efficiency of oil delivery and payment as well as the refuelling process at airports.
The partnership concerns Gazprom Neft’s subsidiary Gazpromneft-Aero, which is dedicated to the aircraft refuelling process.
“The use of blockchain technologies in joint accounting and invoicing between airlines and fuel operators gives new impetus to the development of the entire aviation industry,” commented Vladimir Egorov, Managing Director of Gazpromneft-Aero.
According to the two parties involved, the move marks the first use of such blockchain technology in the Russian market.