Posts Tagged ‘blockchain’

Blockchain technology may become a disruptive force that may revolutionise the airline industry. Blockchain has the potential to play a leading role in disrupting many facets of the way they nowadays do business. Airlines – a data intensive industry with complex procedures and requirements – will certainly benefit from paying attention to the new potentials available and therefore have to reckon with this new technology.

Source: Blockchain and the airline industry: ready for take-off?

Gatechain develops solutions for trade finance on a decentralized network, providing a blockchain solution to business processes that have traditionally relied on paper as a main means to store and transport information.

Notably, this is not the first foray into blockchain tech for the IATA.

Source: Blockchain Startup Selected for Airline Trade Group Awards | CoinDesk

“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.

Source: Russia develops blockchain payment system for air transport | Coinfox

In 2016, airlines in Europe paid more than 5 billion Euros in compensation for flight delays or cancellations, and this number is growing exponentially. According to a report, the project aims to minimize money losses, as companies participating in the tourism industry will have mutual obligations, like those they have for the award miles programs. The cost of this new cryptocurrency will be lower than the declared value, which will allow carriers to save tens of millions of Euros annually.

Source: Blockchain-Based Cryptocurrency Used as Compensation for Flight Delays

1. What is it?
2. Aviation Use Cases
3. What’s next

Juan Iván MARTÍN, Head of Innovation FDS – Transformation | IATA

Source: IBM Airline Summit 2017 Blockchain Juan Ivan Martin

1. Blockchain Technology
   • Identity Management
   • Tokenising Frequent Flyer Programs
   • Item custody-change tracking
   • Tokenising e-tickets
2. Game of Drones
3. Augmented Reality
4. AI (Chatbots)
5. Airline New Distribution Capability
6. Indoor positioning systems (Beacons technology)

Source: 6 Technologies that will Revolutionise the Aviation Industry in 2017

Currently, the provenance of each component part in the life cycle of an aircraft is hard to track. This contributes to the complexities that arise in the operation, maintenance, and the eventual disposal of each individual plane.

Source: Boeing Improves Operations with Blockchain and the Internet of Things – Cloud Foundry Live | Altoros

Although there are a few disadvantages associated with using digital currency as a means of trade, it poses advantages in eliminating the numerous costs imposed by intermediaries. Further, it is a secure form of currency as each user is in control of their money and there is less economic risk associated with trading with digital currencies.

Source: Digital currency in aviation financing – Newsletters – International Law Office