Wed, 14 Apr 21

Mr Cryptopedia

All You Need to Know about Bitcoin


Cointelegraph discussed the potential benefits the blockchain industry could have for airlines. One of the main driving forces for many customers when choosing their airlines is the loyalty program associated with these airlines, and how it integrates with other aspects of their lives.

KrisFlyer has registered Singapore Airlines as the first retail partner to use its new digital wallet app after successfully validating the concept in partnership with KPMG Digital Village and Microsoft.

Agents previously not working with airlines are connected to the system, as well as companies that worked with the carrier through an intermediary, and now are connected to blockchain calculations directly. Agents do not need to receive a bank guarantee or keep a deposit with the airline to guarantee payment for tickets – the system itself checks the availability of money from the agent and transfers it to the carrier.

In addition, using the blockchain, mutual settlements with agents occur in almost real-time. Previously, operations took 12-15 days. “Blockchain is effective for optimizing interaction in branched b2b-systems, where there are a large number of contractors and customers.

The technology helps to connect sales and mutual settlements with agents in real-time, ensures the transfer of funds to real bank accounts 24/7, head of the innovation development center at Alfa Bank. Blockchain, he said, helps reduce operating costs by eliminating unnecessary and duplicate processes.

In addition, when using the blockchain, agents do not need to receive a bank guarantee or keep a deposit with the airline to guarantee payment for tickets purchased. Since the system, when selling a ticket, verifies that the agent has funds in the accounts and immediately transfers them to the airline, Voronin notes.

That is, it is an advanced technological tool for direct interaction between the airline and the agent, bypassing intermediaries.