Russian Gas Giant Gazprom To Integrate Blockchain Tech

Blockchain, Innovation, News | April 5, 2019 By:

Russian gas giant Gazprom is planning to use blockchain technology in gas supply agreements.

Founded in 1989, Gazprom is majority owned by the government of Russia, via the Federal Agency for State Property Management and Rosneftegaz. It focuses on geological exploration, production, transportation, storage, processing and sales of gas, gas condensate and oil, sales of gas as a vehicle fuel, as well as generation and marketing of heat and electric power.

Alexey Miller, Chairman of the Gazprom Management Committee, recently met with Russian prime minister Dmitry Medvedev to discuss the development of applications powered by blockchain technology. Miller said Gazprom has already developed a prototype platform desinged to automatically generate contracts related to gas supply agreements. The platform will reportedly improve the security of data, and allow data sharing between specific participants.

“Together with Gazprombank, we have developed a prototype of a technological platform to automate the process of concluding, monitoring and executing contracts,” Miller said. “This system also provides for automated arbitrage and calculation of payments for gas. Gazprom is currently ready to start implementing the process for automated support of contracting procedures regarding gas supplies. At the initial stage, this work will only concern major industrial consumers.”

Local finance news outlet Vestifinance reported that Medvedev endorsed Gazpromā€™s project, stating that the project could be followed by other companies who are considering using blockchain technology. He also said that blockchain is much hyped but its practical applicability and use are not often understood.

“I believe that this technology has a promising future in our industry and in the activities of companies like Gazprom,” Medvedev said.