Gazpromneft Aero, the aviation fuel of Russian oil and gas giant Gazprom Neft, has revealed its blockchain-based smart fueling system’s successful testing. The tests are part of its plans to ramp up the distribution of the solution globally.
Smart Fuel Blockchain Solution Based on Hyperleder Fabric Blockchain
The development was revealed by Gazpromneft Aero in a press release today. According to the report, the smart fueling system is built on the enterprise blockchain Hyperledger fabric. The solution was tested in more than 100 scheduled flights and involved partner groups, including airline Smartavia, VT Bank, and Raiffeisenbank.
Gazpromneft anticipates that the smart fueling system will reduce payment processing times from four or five days to 15 seconds. This reduction in transaction time is essential since refueling an aircraft is challenging due to the constant oil price changes. The blockchain smart payments solution saves the airline the need for advanced payment or a bank guarantee. This is because it ensures that airlines know how much fuel they require down to any last-minute price changes.
The blockchain solution saves GazpromNeft costs of dedicating entire offices to refueling invoices and tracking costs and paperwork. All the necessary information is inputted into the app solution, and this is saved on the blockchain. The pilot accesses the data using a tablet-based app, and there is a module on the refueling truck with everything digital.
Anatoly Cermer, Deputy CEO, believes that the smart fuel system can scale the entire airline industry.
“Our new digital Smart Fuel system has facilitated our partners processes and increased the financial security of mutual settlements, which is extremely important in the current macroeconomic conditions.”
Sergey Savostin, CEO of Smartavia, echoed similar sentiments stating that it was a revolutionary approach:
“This revolutionary approach to aircraft refueling is particularly important for our airline.”
Blockchain and Airline Industry
The airline industry has been adopting blockchain-based solutions for a few years now. Several platforms like Travala enable the purchase of airline tickets using cryptocurrencies, and airlines have been open to expanding to other solutions.
The impact of covid 19 has shown the necessity of having tamper-proof systems in place that do not require constant human interference. Several airports have integrated blockchain-based solutions to scan travelers’ covid 19 certificates. The latest development from Gazpromneft shows how blockchain technology can be used to improve airlines’ operations.