Russian state-owned gas giant Gazprom could soon to begin using blockchain to execute and monitor business contracts.
The firm’s CEO, Alexey Miller, announced the news at a meeting with Russian prime minister Dmitry Medvedev, saying Gazprom is now “ready to start implementing the process” of digitizing the gas supply process using distributed ledger technology in its operations, according to coindesk.com.
Miller explained that, alongside the state-owned Gazprombank (a Gazprom subsidiary and Russia’s third-largest bank), “we have developed a prototype of a technological platform to automate the process of concluding, monitoring and executing contracts. This system also provides for automated arbitrage and calculation of payments for gas.”
The system is accessible by all parties involved in the process and is “fully protected” from tampering and unauthorized alterations, he said.
Gazprom will initially start working with “major” industrial consumers to implement the blockchain-based automated processes, according to the CEO.