Russian Gas Giant Gazprom To Employ Blockchain For Gas Supply Agreements

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Reportedly, the head of Russia’s state-owned gas giant Gazprom,  Alexey Miller met with Russian prime minister Dmitry Medvedev in order to present a report on the development of applications powered by distributed ledger technology (DLT). As per Miller, Gazprom has had done substantive work with Russia’s state-owned bank, Gazprombank to develop a prototype model to enable contracts to be made automatically with the help of blockchain technology.

The report further suggests that Medvedev endorsed Gazprom’s project and believes in the great prospects of the blockchain technology in the Russian industry and for the activities by companies such as Gazprom. Medvedev also highlighted the importance of the new initiative as it represents a real use-case of blockchain implementation, adding that though the technology is much hyped, it is often not really understood.

Earlier in February, Gazprom’s oil subsidiary Gazprom Neft tested blockchain tech implementation in the supply chain of logistical resources. And in late 2018, Gazprom Neft partnered with a Russian subsidiary of Raiffeisen Bank International to issue a bank guarantee via blockchain.

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