World’s first blockchain instant aviation fuel payment solution approved for launch
Gazprom Neft’s Smart Fuel, the world’s first blockchain solution for instant aviation ‘into-the-wing’ refuelling payments, has been approved for its full market launch after securing registration from the Russian Federation.
The new technology, which cuts the transaction time between a jet fuel supplier and an airline from four to five days to just 15 seconds, has been registered in the Software Register of the Ministry of Digital Development, Communications and Mass Media of the Russian Federation clearing it for wide distribution.
Smart Fuel enables refuelling requests, payment, and the exchange of accounting documents to be carried out via applications installed on tablets held by pilots and refuelling operators.
Blockchain technology guarantees transaction data is saved in the system and available to all participants fully automating the refuelling and data exchange process so that data from the Smart Fuel system is synchronised with an airline's electronic flight bag and the digital aviation fuel accounting system of the fuel trucks.
The platform was successfully tested at the Murmansk International Airport and Gazpromneft-Aero, the aircraft refuelling operator of Gazprom Neft, has refuelled over 100 flights of Smartavia Airlines using the software.
By the end of 2021 it is planned to expand the Smart Fuel blockchain platform to other Russian airports with Gazprom Neft refuelling facilities and the company is looking to expand internationally. Two banks - VTB and Raiffeisenbank - are partners in the project.
Vladimir Yegorov, Gazpromneft-Aero CEO, said: “The successful registration with the Ministry of Digital Development means that our platform is recognised by industry experts and on the federal level. Smart Fuel makes our partners’ work so much easier while increasing the security of financial transactions. This solution allows us to focus on the needs of our clients - the airlines - and has wide potential for the distribution within the global aviation industry. Smart Fuel is a practical tool that we are ready to offer to all market participants.”
Gazpromneft-Aero is the leader of the Russian jet fuel market by volume of retail sales. The company serves more than 260 Russian and foreign airlines including Aeroflot, Ural Airlines, S7, Royal Flight, Volga-Dnepr and others.
BlueSky Business Aviation News | 27th May 2021 | Issue #607