Russian Oil and Gas Giant Completes Trial Blockchain-Based Smart Fueling System

Gazpromneft Aero, the aviation fuel of Russian oil and gas giant Gazprom Neft, has revealed its blockchain-based smart fueling system’s successful testing. The tests are part of its plans to ramp up the distribution of the solution globally. 

Smart Fuel Blockchain Solution Based on Hyperleder Fabric Blockchain

The development was revealed by Gazpromneft Aero in a press release today. According to the report, the smart fueling system is built on the enterprise blockchain Hyperledger fabric. The solution was tested in more than 100 scheduled flights and involved partner groups, including airline Smartavia, VT Bank, and Raiffeisenbank. 

Gazpromneft anticipates that the smart fueling system will reduce payment processing times from four or five days to 15 seconds. This reduction in transaction time is essential since refueling an aircraft is challenging due to the constant oil price changes. The blockchain smart payments solution saves the airline the need for advanced payment or a bank guarantee. This is because it ensures that airlines know how much fuel they require down to any last-minute price changes. 

The blockchain solution saves GazpromNeft costs of dedicating entire offices to refueling invoices and tracking costs and paperwork. All the necessary information is inputted into the app solution, and this is saved on the blockchain. The pilot accesses the data using a tablet-based app, and there is a module on the refueling truck with everything digital.

Anatoly Cermer, Deputy CEO, believes that the smart fuel system can scale the entire airline industry.

“Our new digital Smart Fuel system has facilitated our partners processes and increased the financial security of mutual settlements, which is extremely important in the current macroeconomic conditions.” 

Sergey Savostin, CEO of Smartavia, echoed similar sentiments stating that it was a revolutionary approach:

“This revolutionary approach to aircraft refueling is particularly important for our airline.”

Blockchain and Airline Industry

The airline industry has been adopting blockchain-based solutions for a few years now. Several platforms like Travala enable the purchase of airline tickets using cryptocurrencies, and airlines have been open to expanding to other solutions. 

The impact of covid 19 has shown the necessity of having tamper-proof systems in place that do not require constant human interference. Several airports have integrated blockchain-based solutions to scan travelers’ covid 19 certificates. The latest development from Gazpromneft shows how blockchain technology can be used to improve airlines’ operations. 

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Russian Oil Drilling Giant Opens a Crypto Mining Farm Run on Gas Energy

Gazpromneft, the oil subsidiary of Russia’s natural gas giant Gazprom, is getting into a different kind of exploration. 

The company opened a venue for cryptocurrency mining on one of its oil drilling sites in Siberia, unlocking the power of Russia’s oil and gas resources for the needs of bitcoin mining. 

Gazprom, a company that counts the Russian government as a shareholder, is the country’s gas monopolist and world’s 10th biggest oil producer. The company has been spearheading several mega-projects of cross-border gas pipelines like the Nord Stream and the South Stream, bringing the Russian gas to Europe. 

Gazpromneft is a direct subsidiary of Gazprom and one of the very few Russia’s government-owned companies that has openly expressed interest in the crypto mining industry. Earlier this year, CoinDesk reported that Rosatom, Russia’s nuclear power monopolist, is opening up its energy supplies for miners, too. 

The venue, located in the Khanty-Mansiysk region of northwestern Siberia, is using the associated gas from its oil field as an energy source and has its own power plant transforming the gas into electricity. 

The CO2 that gets freed during the oil drilling is normally a liability for oil companies as they have to burn it into the atmosphere, which results in fines. However, there are ways to utilize it instead of wasting it, and electricity generation is one of them.

In cryptocurrency mining, one of the greatest costs is for the electricity needed to power the mining rigs. By locating mining operations at oil drilling sites where there’s abundant gas to provide virtually free electricity, both miners and the oil companies benefit. By doing this, Gazpromneft is following the lead of the North American companies like Upstream Data and Crusoe Energy Systems that are making use of gas at drilling sites in the U.S. and Canada. 

Although Gazpromneft is not planning to mine for crypto itself, the company’s spokesperson told CoinDesk, it’s ready to open its energy resources to miners and already piloted a small-scale mining operation with the mining firm Vekus this past fall. 

Vekus placed a container with 150 units of Bitmain’s Antminer S7 ASICs on the cite, Gazpromneft announced via the Russian crypto news outlet Forklog, and in one month, the machines mined 1.8 BTC using 49,500 cubic meters of gas. 

Gazpromneft is planning to expand the mining farm and get more client’s ASICs, as well as more contractors like Vekus. The company did not disclose how big the future farm can be.



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Spain: BBVA Bank to Support of Crypto Trading and Custody Is Imminent

Spain’s Second-Largest Bank Will Soon Launch Crypto Services

Spain’s Second-Largest Bank Will Soon Launch Crypto ServicesAccording to sources, BBVA, the second-largest bank in Spain–with an estimated $840 billion of assets under management, is planning to offer crypto trading and custody services first in Switzerland as per a CoinDesk report on Dec 7. Launching from Switzerland The stellar performance of the cryptocurrency market and the increasing interest from institutional investors now make banks

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