S7, one of the largest airline operators in Russia, has tested an application based on blockchain to track information associated with refueling planes.
Smart Contracts Speed Up Literally Anything
According to the press release, the company trialed the application together with its fuel provider, Gazpromneft-Aero, and Alfa-Bank, Russia's major private bank, on a local flight based out of the Tolmachevo International Airport, Siberia.
First off, S7 aligns preliminary fuel demand and its price with the supplier basing on a smart-contract, after which the data gets transferred to a refueller’s driver at the airport. When the aircraft captain names the precise fuel’s volume, the company’s bank receives a request. The instant approve from the bank gives the start to the fuelling.
The main point of the technology, in this case, is to accelerate the speed of transactions "without requiring advance payments and bank guarantees". According to the company, blockchain eliminates the need for various manual actions, and the entire procedure now takes only "60 seconds."
"This is an automated trading operation between three parties: a bank, an airline and a fuel supplier. Upon the fact of fueling the aircraft according to the pre-established rules, reconciliation and write-offs are carried out," Pavel Voronin, S7's deputy head for information technology, said.
Blockchain-Based Solution to Sell Tickets
In July S7 launched the first ever ticket sales via the ethereum blockchain, partnering with Alfa-Bank.