As per the latest blockchain news, Russian air carrier S7 Airlines has collaborated with state-owned oil giant Gazprom Neft to use blockchain-based smart contracts for aircraft fuelling. S7, which has many industrialized blockchain use cases in the past three years that will now use the technology in order to increase the competence of payment and fuel delivery at airports.
Aviation Fuel Smart Contract (AFSC) system has enhanced the speed and productivity of two-way settlements in the extremely accurate and time-sensitive activity of aviation refueling. It has also successfully programmed the process of accounting and planning for flight fuel supplies.
The blockchain news stated that according to the parties involved, the move marks the first use of such blockchain technologies on the Russian market. Smart contracts will replace the current complex process involving pre-payments, bank guarantees and “associated risks, which will, in turn, produce less handling time and provide savings on labor prices.
How Does It Work?
The new AFSC system, aviation, and airlines companies can now get prompt payments for fuel right at the point of refueling, eliminating the requirement for pre-payment or bank guarantees, and immensely dropping financial risk to both airline and fuel supplier. This results in considerable speed, effectiveness and price savings in the course of handling an air transport operation.
On the day, the pilot will request for a fuel volume through the system, and then the system sends an application to the airline’s bank to present the required amount on account. The authorization process will take place and then the plane is refilled and payment is settled rapidly.
As per the latest blockchain news speaking about the benefits offered by the AFSC platform, Anatoly Cherner, Deputy CEO for Logistics, Refining, and Sales, Gazprom Neft, stated that applying digital transformation projects in collaboration with main partners will allow the company to reach a new level in technical and operational efficiency.
As CCN reported, in 2018 Lufthansa had announced the creation of worldwide aviation blockchain challenge to support its blockchain R&D efforts within the flight space.
The post Blockchain News: S7 Airlines Teams Up With Gazprom To Use Blockchain Aircraft Fuelling appeared first on OWLT Market.
from OWLT Market https://ift.tt/2PLmCUb
via IFTTThttps://ift.tt/2OlCCL9
Comments
Post a Comment