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E-invoicing, SCF & E-procurement

Gazprom to execute business contracts on a blockchain

Monday 8 April 2019 | 12:07 PM CET

Gazprom, a Russian state-owned gas company, could soon to begin using blockchain to execute and monitor business contracts.

The company’s CEO, announced that Gazprom is now “ready to start implementing the process” of digitising the gas supply process using distributed ledger technology in its operations, according to CoinDesk. The Russian producer will initially start working with “major” industrial consumers to implement the blockchain-based automated processes, the CEO added.

Alongside the state-owned Gazprombank (a Gazprom subsidiary and Russia’s third-largest bank), the company has developed a prototype of a technological platform to automate the process of concluding, monitoring and executing contracts. Moreover, the system also provides for automated arbitrage and calculation of payments for gas.

The system will be accessible by all parties involved in the process and will be “fully protected” from tampering and unauthorised alterations.

More: Link
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