Russian Energy Giant Gazprom To Use Blockchain Technology

According to Vestifinance, the Russian Prime Minister welcomed the country's attempt to use state-owned energy giant Gazprom to use Blockchain in agreements on natural gas supply.

Alexey Miller, president of Russia's state-owned gas giant Gazprom, met with Russian Prime Minister Dmitry Medvedev to report on the development of applications supported by distributed notebook technology (DLT).

According to Miller, Gazprom worked closely with the Russian state-owned bank Gazprombank, and a prototype model was developed to enable contracts to be executed automatically using Blockchain technology. The platform aims to increase data security, as well as to allow data sharing among all participants of a given contract.

In the first phase, Miller said, the project was planned to be tested only by industrial customers.

Russian Prime Minister Approves Project

According to the report, Medvedev approved Gazprom's project and claimed that Blockchain technology had a promising impact on the Russian industry and the activities of companies like Gazprom. He also stressed that the new initiative is important because it represents a real use of Blockchain technology.

In early February, Gazprom's oil subsidiary Gazprom Neft tested the implementation of Blockchain technology in the supply chain of logistics resources. And in late 2018, Gazprom Neft partnered with a Russian subsidiary of Raiffeisen Bank International to provide bank guarantees through Blockchain.

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