Tuesday, September 17, 2019
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Aviation fuel smart contracts

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In Russia, there is a system for buying jet fuel through the blockchain established. It was launched by the operator of the aviation kerosene market Gazpromneft-Aero, the airline S7 Airlines and Alfa-Bank.

As reported in the press release on the site of Gazprom Neft, for instant payment of aviation fuel at the time of refueling, smart contracts are used on the Hyperledger blockchain-platform.

Refueling is as follows: the airline pre-passes to the fuel company the data on the planned refueling of the future flight, electronic documents record the preliminary amount of fuel and its price. This information is passed to the driver of the tanker at the airport. After confirmation, the application is sent to the bank of the company to reserve the required amount. The money is deducted right at the same time whenas the refueling is started, and the participants of the system receive feedback from the information on closing the transaction and the necessary documents.

S7 and Alfa-Bank in December 2017 held the first deal in Russia on the blockchain. Also, the companies developed a decentralized platform for automated ticketing and settlement with agents. Alfa-Bank together with Sberbank in late November 2017 carried out the first banking transaction in the country with the help of the blockchain.

The payment for aviation kerosene through the blockchain was first used in Russia. The release says that this technology “will give a new impetus to the development of the entire aviation industry”. Such mutual settlements occur faster and easier, they automate part of the processes and exclude the impossibility of confusion in documents and violation of the terms of the contract.

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