Bitcoin Watch – Gazpromneft-Aero and S7 Airlines trial blockchain technology to improve fuel processes

Gazpromneft-Aero and Russia’s S7 Airlines announced it is utilising blockchain technology to improve payment processes, planning and monitoring of fuel supply. The new technology will allow the airline to increase the speed of settlements and minimise the financial risks of participants in the transaction, without requiring advance payments and bank guarantees.

S7 is not the first airline to trial blockchain technology, Air New Zealand reported in Nov-2017, it was exploring the use of blockchain-based systems within its business. Air New Zealand is partnering with travel platform Winding Tree, which is developing the world’s first travel marketplace on blockchain to connect suppliers such as airlines and hotels directly to sellers. Blockchain is being used globally to build encrypted, shared platforms, providing a secure and efficient way to track the exchange of goods or information. Air New Zealand is looking at a number of potential use cases for the distributed ledger technology including cargo and baggage tracking, retail, distribution and loyalty programme opportunities. Lufthansa has also recently announced a partnership with Winding Tree.

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