Countries and states are now relying on Blockchain technology to provide a safe and efficient environment for doing business. New Jersey came up with new legislation to put up a task force that would take a look at the importance of this new technology in different sectors of its economy and safeguard the state against cyberattacks that have been rampant over the recent past.
With the potential of blockchain technology, different people have started to ask questions as to whether the technology could be a good fit in the aviation industry. The aviation industry has, over the years, undergone tremendous changes that have improved both safety and efficiency. It is now efficient to travel by air from one state to another than to do so by car.
However, the question that everyone wants to ask is, can blockchain take off in the aviation industry as it has done successfully in the retail space? The answer is yes.
The success of this technology in other sectors, especially in the retail industry, has shown that this feat may be replicated easily in other areas of the economy, including the aviation industry.
How Will it Work?
Airports receive so many travelers each passing day, new airlines are also joining the already bloated market, and as such, they need to innovate. Integrating loyalty programs with blockchain is one way to achieve this. When such a program is up, and running customers will be able to get rewards and discounts with so much ease making them favor a particular flight just like in the retail market.
Singapore airlines are understood to have already set up this technology, and its customer base has grown tremendously due to this new technology. KrisFlyer is assumed to be the first company to contract Singapore to offer these services that integrate blockchain technology.
Apart from Singapore Airlines, Cathay Pacific has also adopted blockchain technology with its new project labeled “unlock more miles” that is still very new; however, it has excellent potential.
The CEO came out praising this new development and stated, “the future is now.”
The advantage of blockchain according to Sberyt Stein, a Senior Manager, is that whenever a payment is made at one point, the system flawlessly updates this information to reflect at other location of sale and even to the directors of any firm. This seamless flow of information improves efficiency and is much cheaper compared to past technologies.
Most airlines have branches all over the world; blockchain will come in handy in processing and centralizing all this information in a matter of minutes.
Therefore, blockchain technology has a future in the aviation industry, and it is only a matter of time until we get to see large-scale adoption of technology by more airlines.