S7, the largest airline operator in Russia, has tested a blockchain-based application that tracks data and documents related to the process for refueling aircraft.
The airline stated in a statement that it has tested the application with its fuel supplier, Gazpromneft-Aero, and Alfa-Bank, Russia's largest private bank, on a domestic flight based on 39; Tolmachevo International Airport.
According to S7, the application shares fuel demand data on a shared ledger, a copy of which is managed by each of the three parties. In addition, fuel payments can be made on the network, with digital invoices created through a smart contract during each tranche.
The goal is to accelerate the speed of transactions "without requiring advance payments and bank guarantees", said the airline. in the declaration. He added that as technology eliminated "a number of manual operations", the whole process required "60 seconds".
"This is an automated trading operation between three parties: a bank, an airline company and a fuel supplier. At the time of feeding the aircraft according to pre-established rules, reconciliations and cancellations are made. ", Pavel Voronin, deputy head of information technology at S7, said in a statement.
The process represents the last effort of S7 to test the blockchain for possible applications for the airline.
As noted by CoinDesk in July 2017, S7 began issuing passenger tickets through the blockchain ethereum as part of its partnership with Alfa-Bank.
Image of the plane via Shutterstock