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Russian Airline Operator Trials Blockchain For Tracing Fuel Expenses

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Mon, 27/08/2018 - 15:04
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Russian Airline Operator Trials Blockchain For Tracing Fuel Expenses
Cover image via U.Today
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S7, the second-largest air company in Russia, has trialed a DLT-app which deals with tracing data and documentation to do with refueling airplanes.

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The airline operator is working on this along with other large businesses in this industry and Alfa-Bank, Russia’s private bank.

The app sends the data on fuel demand to the partners of S7 via the shared network and helps make payments for fuel via the same Blockchain. Smart contracts are also involved.

The purpose is to make transactions faster "without requiring advance payments and bank guarantees,” according to an official statement. The transaction via smart contract took 60 seconds.

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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