The oil and gas giant acknowledges that the platform brings down payment handling times to 15 minutes, from four or five days. Aircraft refueling is a complex issue because crude prices continue to fluctuate and the airline will have a clear idea of the quantity of fuel they require only at the final minute.
Utilizing blockchain platform facilitating smart payments avoids the necessity for advance payment or any other kind of guarantee.
Sergey Savostin, CEO Smartavia, stated “This revolutionary approach to aircraft refuelling is particularly important for our airline — it makes the process fast, transparent anrefuelingte.”
Several airlines have separate divisions focused on several complex paperwork, including management of refueling related invoices and monitoring of expenses. In this case, there will not be any need for the airline to reconcile its paperwork with respect to the invoices of fuel company because the accepted amount is already stored on the blockchain.
In view of the pandemic, the app removes straightforward contact between ground staff and aircraft crew and removes the necessity for paperwork to be exchanged. The pilot utilizes a gadget (tablet) based application and the refueling tanker is fitted with a module. Furthermore, the settlement is done digitally.
Information regarding the quantity of fuel required is informed as soon as the truck reaches, with a request for payment transfer being sent to the bank to block necessary funds. Following the completion of refueling, the aircraft captain will amend the payment amount and endorse the final payment.
Anatoly Cermer, Deputy CEO at Gazprom Neft, said “Our new digital Smart Fuel system has facilitated our partners’ processes and increased the financial security of mutual settlements, which is extremely important in the current macroeconomic conditions. The system has a high potential for scaling up across the entire industry.”
Back in August 2018, Gazprom took part in trialing a different blockchain based refueling system. Other partakers in that trial were airline S7 and Alfabank. The enterprise also participated in the trial of a Russian blockchain powered guarantee platform along with VTB and Raffeissennank.