AirAsia, a hugely successful Malaysian low-cost airline is going to offer a cryptocurrency based rewards program. Brilliant! This is going to spread to almost every airline on the globe. AirAsia plans to convert its frequent-flyer rewards program to a crypto platform called BigCoin (sounds like a hip-hop star). It would seem this would be considered a "utility token" and move the airline toward a more cashless system. AirAsia sees this tokenization allowing customers to buy seats, upgrade seat assignments, pay for in-flight meals and a host of other services. No firm details have been announced BUT if those "reward tokens" (BigCoins) could be traded and exchanged for other tokens.........well, THAT would be super huge. Look for this concept to spread rapidly.
(Bill Taylor/Managing Editor)
"Malaysian low-cost airline AirAsia is launching a cryptocurrency-based rewards program.
AirAsia chief executive Tony Fernandes told Nikkei Asian Review that its frequent-flyer rewards program is being converted into a cryptocurrency platform called BigCoin. The move is part of a broader effort to improve the airline's digital services and move the company toward a cashless system.
In the Nikkei article published Thursday, Fernandes described a system in which customers could buy seats, in-flight meals, seat upgrades and other services using BigCoin, in addition to existing fiat currency options.
Most notably, he told Nikkei Asian Review that he sees AirAsia launching an initial coin offering (ICO) at some point. While Fernandes did not provide a firm timeline, the article says the token could be offered within the next three to six months.
No details have been released yet on whether AirAsia is developing its own blockchain or utilizing an existing platform.
Other airlines have looking at blockchain as a possible rewards program model in recent months.
Singapore Airlines announced last month that it was planning to launch a private blockchain for its own frequent-flyer program..."
Source: Coindesk