Russia’s Gazprom To Get Into The Blockchain Business

Russia’s Gazprom To Get Into The Blockchain Business

Gazprom, the largest gas industry titan of Russia is trying to shift its business operation to the blockchain. Following the latest cryptocurrency news from Russia, the company has already devised its smart contract platform prototype in order to execute them in the real world.

The oil industry giant is mostly owned by the Russian government, but the Gazprom Management Committee Chairman Alexey Miller confirmed the new production plan. He debriefed the Prime Minister of Russia Dmitry Medvedev on the company’s digitization efforts a week ago. Miller pointed out that the company is focusing on the distributed ledger:

 “As for digitalization, we are working towards it, specifically towards the digitalization of the gas supply process and the implementation of the distributed ledger technology in our operations. Together with Gazprombank, we have developed a prototype of a technological platform to automate the process of concluding, monitoring and executing contracts.’’

There is no evident data whether the blockchain platform has been built or there is already an existing one on the popular blockchain such as Ethereum.

Miller also argued further that by embracing technologies such as the Internet of Things and the blockchain can be of crucial importance for the future of the country. He added

During his briefing with Alexey Miller, PM Medvedev notably argued that the embrace of technologies like the Internet of Things (IoT) and blockchain could prove critical for the future of Russia’s major industries. He told the chairman:

 “I believe that this technology has a promising future in our industry and in the activities of companies like Gazprom.”

His stance has a huge importance on the political stage in Russia since he has one of the highest levels in the Russian government. Medvedev and his team approve Gazprom’s enter in the blockchain industry which only shows the pro-blockchain stance of the government.

There are plenty of Russian leaders who supported blockchain over the year. For example, Igor Yusufov, ex-energy minister, wanted to create an oil-pegged stablecoin in order to avoid the trade sanctions. Also, a month later, Anatoly Aksakov who is a Russian legislator, proposed launching a ruble-backed stablecoin.