Blockchain Technology – The Prospect Future for Airlines?

Blockchain Technology – The Prospect Future for Airlines?

The Ideal FitThere is a very striking similarity between the Airline industry operations and the travel industry at large and what Blockchain tech

S7 Airlines And Alfa Bank Perform Blockchain Deal
Lufthansa’s First Steps In The Blockchain Industry
Air New Zealand is Experimenting with Blockchain Technology

The Ideal Fit

There is a very striking similarity between the Airline industry operations and the travel industry at large and what Blockchain technology has to offer. Every journey mandates a touch from a host of stakeholders and players who actively share data and work collectively to guarantee the success. Among the key players is the airline itself, card providers, airports, accommodation hotels just to name but a few.

Information both on the traveler and overall operations is continually collected, stored and disseminated by each of the cited stakeholders at some point. Unknown to the traveler, there is an ongoing sequence of data reconciliation processed behind the scenes that facilitate the successful departure of the traveler.

Each Airline system is characterized by a potion of data that it stores to facilitate a travel. It may vary from crew departments, to passenger services. The isolation of this massive data stored in multiple single systems makes the exchange at times difficult. Unlike many other industries, a minor glitch in the operations can have dire consequences on not just revenue generated, but on other key aspects such as security, operational integrity and safety of the entire industry.

With the complexity of information and the delicate state of affairs in the Airline Industry, the necessity of block chain incorporation for comprehensive data sharing and reconciliation is clearly evident. Take the following into consideration:

Block chain in Ticketing

E-tickets: in definition, they are basically information that would essentially be printed on a typical ticket paper but in this case have been generated from a huge database and availed in soft copy. Block chain promises tokenization and even greater dematerializing of these tickets.

Block chains open the possibility of one purchasing airline tickets from a host of partners from any part of the globe. How? Simple through linking up with the relevant smart contracts, airlines can well incorporate their preferred terms and conditions while subsequently dictate the usage and sale of their tickets.

Blockchain and Loyalty

The benefits organizations and even the airline industries accrue from customer loyalty are immensurable. Conventionally, airlines have used loyalty point systems to woo customers where a frequent customer accumulates a certain amount of points and can redeem them for various uses such as flying to several limited destinations as offered by the airline. But imagine a scenario where customers can redeem and use the points instantly. How? Point Tokenizing through use of Block chain technology; Moreover, Airlines can establish a community comprising of partners, where these tokenized points can act as currency. As such, the customer is accorded both the means and the freedom to easily apply them for their specific needs.

Blockchain, Security and identity

The security and privacy of information in all Industries is vital and in particular the Airline industry. In a world marred by malice and dubious activity, it is hard to imagine what data infringement in such an industry would result into. Nonetheless, security and privacy can be significantly enhanced with the incorporation of Block gain technology. It establishes security wrappers that require security authorization to access and even disseminate information.

Blockchain and Maintenance

Some of the services in Airlines have records maintained in paper binder provisions or even in bulky databases. With Block chain technology, Airlines can safeguard the validity of procured parts and can subsequently provide incontrovertible virtual record duplicates for every provision since the establishment of the airline. Safety, security and maintenance aspects of airlines can be pushed to new heights all with the incorporation of this amazing technology.