S7 Airline Uses Blockchain in Refuelling Process
August 28, 2018 11:30 am
According to the reports, Russia’s leading airline, S7, is testing a blockchain-based application. The application was proposed to track data and paperwork which connects the process of refueling the planes.
On Monday, the airline announced that it had practiced the application with its fuel supplier, Gazpromneft-Aero, and Alfa-Bank. The experiment was conducted on a domestic flight based in Tolmachevo International Airport.
According to the airlines, the application would share data of fuel demand on a shared ledger. Three parties would manage the shared ledger copy. The payments for the field will be held using the smart contract with the digital invoices during the transaction.
Pavel Voronin, Deputy Head of IT, S7, said:
“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.”
The initiative has aimed to increase the speed of the transaction without asking for any advance payments or bank guarantees. According to the report, the airline has eliminated some manual operations, and the process took only sixty seconds.
Maksim Pershin, Alfa Bank member, said that the project is an important stage in developing Alfa Bank’s block-platform. The team has used a smart contract which is a huge potential in the technology. By using smart contracts, the banks can quickly meet the challenges which are difficult for traditional banks and provide the most favorable and fast service to the customers.