Russian Gas Giant Gazprom to Execute Small business Contracts on a Blockchain

Russian state-owned gas big Gazprom could quickly to commence working with blockchain to execute and keep track of small business contracts.

The firm’s CEO, Alexey Miller, announced the information at a conference with Russian primary minister Dmitry Medvedev Wednesday, stating Gazprom is now “ready to start implementing the process” of digitizing the gas provide system working with distributed ledger technology in its functions.

Miller described that, along with the state-owned Gazprombank (a Gazprom subsidiary and Russia’s 3rd-most significant bank), “we have designed a prototype of a technological platform to automate the system of concluding, monitoring and executing contracts. This system also gives for automatic arbitrage and calculation of payments for gas.”

The system is available by all functions concerned in the system and is “fully protected” from tampering and unauthorized alterations, he stated.

Gazprom will at first begin doing work with “major” industrial shoppers to employ the blockchain-centered automatic processes, according to the CEO.

The primary minister was beneficial in his reaction, stating that blockchain technology has a “promising” foreseeable future in the Russian financial system, as well as in the activities of firms like Gazprom.

Gazprom has been experimenting with blockchain technology for some time. Final summer time, its aviation refueling subsidiary Gazpromneft-Aero carried out blockchain and sensible contract technologies to automate organizing and accounting processes in gasoline materials.

Another subsidiary, Gazprom Neft, the 3rd most significant oil producer in Russia, began screening blockchain to increase logistics and procurement administration in February 2018. Two months later on, Gazprombank stated it was looking at letting its wealthy purchasers to trade cryptocurrencies, even though no concrete particulars were being specified at the time.

Gazprom gas station image by using Shutterstock