S7 Airline applies smart contracts for fuel supply

The use of this technology is possible thanks to the partnership with the state oil company Gazprom Neft

An alliance of the state oil company Gazprom Neft with the Russian airline S7 will allow the latter to create a platform for the process of payment of gasoline surcharges with smart contracts.

The name of this system will be AFSC as announced on August 24th. It was known that it is already in operation.

The oil company said that this is the first time that smart contracts have reached the market for aviation fuels in Russia. The first flight to use this method reached the Novosibirsk-Tolmachevo International Airport.

Thanks to this platform, the airlines can make instant payments for their fuels directly, without the need to apply a prepaid system. The transaction is confirmed immediately, which initiates the filling process, and then informs the parties involved in the process by sending the “accounting documents“.

This technology will provide efficiency and will eliminate “possible gaps in contractual terms”, thanks to the immutability of the transactions supported in the blockchain.

K. Tovar

Source: Gazprom

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