Blockchain Introduced as Solution for Gazprom’s Gas Supply Agreements in Russia
Blockchain has been implemented in many different capacities, especially in the supply chain industry. Now, after an initiative from the Russian prime minister has been approved, the technology will find its place in gas supplies agreements with Gaz-prom. Gazprom is the state-owned gas company, and the head of the company recently reported on the progress of distributed ledger technology (DLT) applications.
Alexey Miller, the head of Gazprom, told Russian prime minister Dmitry Medvedev that the company has already followed through with substantive work involving Gazprombank, which is also owned by the state. In this progress, Gazprom has managed to create a model that will allow contracts to be developed through blockchain tech, but the model is just a prototype for now. With the new platform, anyone involved with a particular contract would have data sharing abilities, though this feature will also maintain data securities.
At this point, Miller notes that the project will only be tested by industrial customers, though Medvedev has already endorsed the work of Gazprom. The prime minister adds that this type of technology has many ways that Russia could take advantage for their own economy, especially in activity with other state-owned companies. Medvedev added that this initiative is important to showing blockchain’s real-world use cases, rather than just promoting more hype without much substance.
Two months ago, Gazprom Neft, the oil subsidiary of Gazprom, tested out blockchain tech for supply chain management. At the end of 2018, the subsidiary had partnered with a Raiffeisen Bank International subsidiary as well, applying blockchain technology to a bank guarantee issuance.