Gazpromneft-Aero- the aviation-focused branch of Russia-based oil company Gazprom Neft – has reportedly finalized the trial phase of its blockchain-powered refueling project, Smart Fuel.

Specifically, the new platform was reportedly rolled out for over 100 scheduled flights of Russian budget airline Smartavia, situated at Murmansk’s international airport. Major banks VTB and Raiffeisenbank are also associated with the initiative, together with Smartavia. 

Dmitry Makarov, head of the Smart Fuel project, reportedly remarked that the blockchain-powered pilot in Murmansk was carried out within the time frame of September to December last year. 

After the successful final result of the trial, Gazpromneft-Aero will keep offering its refueling payment tool to Smartavia. 

Built upon the major blockchain framework Hyperledger Fabric, the new tool reportedly utilized smart contracts for the automation and acceleration of the refueling payment processing times.

The tool reportedly has the power to process refueling payments in seconds, compared to the standard four or five days required to finalize traditional payment transactions. 

Makarov reportedly remarked that the traditional process for refueling payment reportedly involves a high amount of paperwork and extensive spending. 

“Since it’s impossible to forecast the exact volume of fuel needed for a flight, airlines need to transfer an excessive amount of funds to fuel operators to make sure there’s enough to cover the refueling,” 

The new solution will reportedly make sure requirements for data safety and maximum transparency are met, for every party involved in the transactions.