After successfully testing its blockchain smart fueling system on over 100 Smartavia Airlines flights, Gazprom Neft has announced that Smart Fuel has been approved for a full market launch. Using the enterprise blockchain Hyperledger Fabric, this instant digital aviation refueling software cuts the transaction time between a jet fuel supplier and an airline from five days to just 15 seconds.
The blockchain platform was tested at Murmansk International Airport by Gazpromeneft-Aero, the aircraft refueling operator of Gazprom Neft. Following its registration with the Russian Federation’s Ministry of Digital Development, Communications and Mass Media, Smart Fuel has now been cleared for wide distribution. Two banks – VTB and Raiffeisenbank – are partners in the project.
The key innovative feature of Smart Fuel lies with its ability to expedite the aircraft refueling process: the blockchain software can respond quickly to varying levels of fuel demand and fluctuating oil prices. According to Vladimir Yegorov, Gazpromeneft-Aero’s CEO, Smart Fuel “makes our partners’ work so much easier while increasing the security of financial transactions”. Using blockchain smart payments removes the requirement for advanced payment or a bank guarantee.
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