Singapore Airlines On-Board With Blockchain Technology
The Singapore Airlines is planning to use the blockchain technology to give its frequent passengers a new and different way to make use of reward points they have earned by flying on their airlines. This company will be the first one to use this technology in the field of airlines.
The airline is planning to launch the blockchain based digital wallet application in six months which will enable the KrisFlyer membership base to make use of the ‘digital KrisFlyer miles’ for point-of-sale transactions at participating retail merchants. The company came to a decision after a proof-of-concept was carried out successfully in collaboration with Microsoft and KPMG Digital Village. KrisFlyer is currently in the process of signing up retail merchants to join this blockchain tech-based service in the markets of Singapore.
A small description of Blockchain
Blockchain act as a digital ledger or an online storage/record keeping system which will be controlled by a group of peers rather than a government agency or central authority/agency. As blockchain is widely known, related cryptocurrencies like the Bitcoin, Ethereum, etc. there is a big chance for it to change how transactions are managed in many industries and organizations across the world.
KrisFlyer – Plans for the Future
In this new project, the airline and airport operators will be adopting the blockchain technology, to improve and enhance their operations. Even though the KrisFlyer is in its early developing stages, the company is focusing on the future and has plans to invest hundreds of millions of dollars towards this new technology.
The Singapore airlines will be using its own private blockchain involving only partners and merchants. The Airline Company’s future plans are not fully revealed yet, but we can hope for big changes in the following years.
The Changes Happening – Scope
Two other airlines, Air New Zealand and Lufthansa, have teamed up with Winding Tree which is a Switzerland based start-up to build travel applications using blockchain technology, within the last year. As new technologies arise, new more efficient ways of distributing tickets and providing services will come up. The TUI which is a European travel group has developed an inventory system based on blockchain for hotel bookings.
Some of the dining and shopping facilities in the Brisbane airport in Australia is allowing/making blockchain based payments. The Surf Air (U.S. airline) has also announced that it will be accepting cryptocurrencies for ticket payment in the near future.