Gazprom, a gas giant owned by the Russian government has recently revealed that it will soon start monitoring and executing business contracts using blockchain technology.

The Russian Prime Minister is Well Pleased

This development was announced by the company’s CEO, Alexey Miller, at a recent meeting which had the Russian prime minister Dmitry Medvedev in attendance.
According to Miller, “Gazprom is now ready to start implementing the process of digitizing the gas supply process using distributed ledger technology in its operations.”

CEO Miller also made it known that the recent development is done alongside the Gazprombank— a state-owned bank (a Gazprom subsidiary and Russia’s third-largest bank).

He added that:

“We have developed a prototype of a technological platform to automate the process of concluding, monitoring and executing contracts. This system also provides for automated arbitrage and calculation of payments for gas.”

Miller also noted that the new system is accessible to everyone involved in the…

Click to continue reading on its source location…