The blockchain technology will improve and automate the processes in the development of new contracts

According to a recent official announcement by the important Russian gas company Gazprom, it was known that they will start making their next hiring with a blockchain platform. This will permit the preparation and monitoring of all business contracts that are valid in their client portfolio, using blockchain technology.

The news was revealed during a meeting held in Moscow by Alexey Miller, CEO of the company, who held the assembly with the Russian Prime Minister, Dmitry Medvedev. In that conference, Miller assured the Prime Minister that the company is “ready to implement the process”, referring to the automation and digitalization of all gas procedures performed by the company, but now through Distributed Accounting Technology.

Similarly, Miller referred to the state Bank Gazprombank, which is an important subsidiary of Gazprom, and the fourth largest bank in the Russian Republic. Gazprombank has developed a technological platform, which is able to streamline all its processes, as well as perform an automated control and make gas payment calculations in an integral way. “They developed a prototype for a technological platform that will automate the process of concluding, monitoring and executing contracts”, he said.

As it is common in the platforms that support Distributed Accounting Technology, all those involved in the project will have access to the changes and processes that take place within the hiring process. This converts the execution of the contract into a process “completely protected”, against any alteration not known by the parties, as well as cyber-attacks. In this way, Gazprom is in the process of supplying information to all its main consumers and industrial customers, in order to implement the platform.

In another sense, the Russian Prime Minister, Medveded, was enthusiastic about the initiative of using these technologies in the Russian economy, since, in his opinion, this idea will be an important part in the future of global negotiations. And he is convinced it is a great step forward for companies like Gazprom.

It is not the first time that Gazprom has researched and tested the blockchain technology in order to enhance its procedures. Last year, Gazpromneft-Aero, a subsidiary of Gazprom, used smart contracts and blockchain technology to streamline and automate the planning and quantity of fuel supply in aircraft.

In February of 2018, the oil subsidiary Gazprom Neft began to use blockchain technology to improve its management and functionality. And at the end of the same year, Gazprom Neft partnered with Raiffeisen Bank International, in order to grant bank guarantees using blockchain technology as a basis.

Months later, Gazprombank even announced it would allow entrepreneurs and millionaire personalities to use their banking platform to trade with cryptocurrencies, all of this without giving more details about the matter.

All these measures of blockchain adoption are part of the idea of ​​the standardization of new procedures, using the advantages offered by Distributed Accounting Technology, smart contracts and the encryption of institutional information.

By María Victoria Rodríguez


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