“IATA will issue virtual coins for payments between air companies. A blockchain will be used to register transactions. This technology will guarantee data security and lower the risks. Making payments directly without intermediaries will help airline carriers to reduce transaction time from weeks to minutes and minimise the costs,” the head of CryptoLab and CEO at the international fintech startup Lykke Sergey Ivliev told 59.ru.
Using the blockchain for mutual transactions would allow 10% reduction of air companies’ expenses due to minimised banking and currency exchange fees, according to the developers.