Russian Top Airline Tests Blockhchain Technology in a Bid to Track Fuel Transactions

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With many cryptocurrency and blockchain professionals predicting a mainstream adoption of blockchain technology within the next few years, so many big organization have begun to test the technology and how it can help them deliver better services to their customer. One of such company that has decided to give blockchain technology a try is S7, one of the largest airline operators in Russia. According to reports, S7, has tested a blockchain-based application that will help it track data as well as paperwork connected to the process for refueling planes.

In a release that was made available on Monday, the airline stated that it tested the blockchain based app with the help of its fuel supplier Gazpromneft-Aero, and one of Russia’s largest private bank, the Alfa-Bank on a domestic flight.

According to the airline, the blockchain app is capable of sharing data about fuel demand on a shared ledger, which can easily be managed and supervised by all three parties involved. More so, with this blockchain app, payments for fuel can be easily conducted with digital invoices generated by smart contracts during every transaction.

Speaking further, the airline revealed that the goal of using this technology is to speed up transactions that wouldn’t require advance payments and bank guarantees. With the technology eliminating a number of manual operations, transactions can now be conducted in as little as 60 seconds.

In a statement credited to Pavel Voronin, S7’s deputy head for information technology, he stated that “This is an automated trading operation between three parties: a bank, an airline and a fuel supplier. Upon the fact of fueling the aircraft according to the pre-established rules, reconciliation and write-offs are carried out,”

This blockchain trial represents one of the airline’s effort to test blockchain for possible applications to its airline business. And seeing the amazing result, it is only a matter of time before this technology becomes fully incorporated into their operations.

It would be recalled that this same airline started issuing passenger tickets via etherium blockchain network back in July, 2017 and that’s all thanks to its partnership with Alfa- Bank.