Blockchain is helping and revolutionizing a global industry everyone has an opinion on – AIRLINES. It is widely known how airlines have managed to become more efficient while at the same time alienated travelers with tighter seats, cramped cabins (except First Class), no food and tiny snack packages (for a fee) and on and on. But, here is an article that takes you behind the scenes to show what the winged metal group is accomplishing with new blockchain technology. Its’ impressive and pretty cool. If you have interest and opinions of airlines, take a read.
(Bill Taylor/ Fintek Capital)
“Airlines and airports are functioning on outdated methods of information collection and distribution, using many isolated operating systems where data exchange can be timely and unsecure — despite a reported 170 percent increase in the past 20 years of U.S. outbound trips abroad.
Major competitors have recognized how the characteristics of the aviation industry align with blockchain, which has the potential to streamline data sharing among information silos in airports — and with ancillary travel enterprises more broadly — to create a seamless and secure travel experience.
Lufthansa Industry Solutions, a subsidiary of the largest airline in Europe, launched the initiative Blockchain for Aviation (BC4A) in an effort to compile potential applications of the technology and create industry standards for its use. Air New Zealand, Lufthansa, Eurowings, Austrian Airlines and Brussels Airlines have partnered with the Swiss-based non-profit Winding Tree, which is using blockchain to power a decentralized travel distribution network to make travel more cost effective and profitable for customers and providers.
The world’s airlines carry over three billion passengers annually and contribute $664.4 billion to the global GDP. Airlines must be flexible — yet systematic — to compete in the aviation industry, where the efficiency of their chain of operations determines their bottom line…”
Full Story at Cointelegraph