Russia oil and gas industry is quickly exploring blockchain depths

Gazprom is a Russian gas industry company which produces natural gas. The company is the property of the Russian government. Recently the company had announced the launch of its own blockchain network.

On the project announcement, the prime minister of Russia approved of the project as well. Alexey Miller is the head of Gazprom and he personally talked to the prime minister of Russia regarding the creation and maintenance of the blockchain network. The blockchain under development will be able to carry out gas agreements. The whole process will be made possible through smart contracts.

Alexey Miller gave a statement regarding the situation saying that the blockchain project will carry out tasks like adding data in the system, monitoring as well as administering tasks occurring in the system. The blockchain will also have access to important confidential information.

The company trusts the blockchain project with confidential information because of its distributed ledger technology. Through a DLT added information in the system can never be duplicated or altered. This protects the data from outside interference and theft.

When the prototype blockchain was being tested RFID and GPS was attached to the equipment of Gazprom that was to be shipped to different places. Once the shipment was ready to be shipped the data on the RFID updated and generated related documents.

Similarly, the GPS helped in navigating the position of the shipment. The output of the GPS was very detailed. The entire outputs of the RFID and the GPS were entered into the blockchain technology.

The pilot trial was a success and Gazprom is certain to integrate the blockchain technology is every facet of its business.

Russia oil and gas industry is quickly exploring blockchain depthsJoin eToro and get $50 cash to start trading!

Join millions who’ve already discovered smarter investing by automatically copying the leading traders in eToro community for fast profits.