The aviation arm of Russian oil company Gazprom Neft, Gazpromneft-Aero, on Monday announced the successful completion of a pilot project to develop Smart Fuel based on the blockchain.
The new platform was implemented on more than 100 regular flights of the Russian low-cost airline Smartavia, which operates flights at Murmansk International Airport. In addition to Smartavia, the largest VTB bank and Raiffeisenbank participated in the pilot project.
Dmitry Makarov, Smart Fuel project manager, told Cointelegraph that the blockchain-based experiment in Murmansk lasted from September to December 2020. After a successful pilot project, Gazpromneft-Aero will continue to offer Smartavia for a fuel propulsion solution, Makarov said.
The new tool, based on the massive blockchain framework, Hyperledger Fabric, uses smart contracts to automate and speed up fueling processing. According to Gazpromneft-Aero, the system is able to process refueling in seconds, while traditional payment transactions typically take up to four to five days.
Makarov explained that the traditional refueling process is a heavy piece of paper and involves overuse. “Because it is impossible to predict the exact size required for a flight, airlines have to transfer a lot of money to fuel operators to ensure there are sufficient funds to cover refueling,” he said. According to Makarov, the new tool guarantees data security and maximum transparency for all involved in the transaction.
Gazpromneft-Aero previously developed blockchain-based jet fuel solutions. As previously reported, in 2018, a subsidiary of Gazprom Neft, in cooperation with the major Russian airline S7 Airlines, developed a fuel delivery and propulsion system based on DLT technology.