Blockchain technology is gradually entering the airline industry as Hahn Air issues the first-ever air tickets to passengers via blockchain technology. The German airline is partnering with Winding Tree, an open-source travel distribution network, to offer tickets to passengers that want to travel via its airline. The tickets rely on the blockchain technology of Winding Tree.
With this feat, the airline company has become the first to issue such blockchain-enabled tickets in the industry. The blockchain platform allows the airline to receive payments, manage reservation requests, and list inventory of passengers. The airline will also receive payments via card, credit, cash, or Ether (Winding Tree’s cryptocurrency token).
Stakeholders in the cryptocurrency industry are hailing the development, with many stating that many other airline companies would soon adopt the technology.
Jörg Troester, Hahn Air’s corporate strategist, said that his company’s goal is to monitor and investigate the benefits of blockchain technology on travel distribution. He further stated that, although the technology has not received widespread acceptance, the company is hoping to be a pioneer of the technology in the industry.
Troester reiterated that the airline company is always exploring opportunities with new technologies to consolidate on its goals for passengers. After rolling out the blockchain ticket, the first of its kind in the industry, the airline firm wants to establish its presence and readiness to embrace new technologies for its passengers. He further pointed out that the company wants to show that it has the technical competence to operate such technology by generating tickets via the blockchain platform.
The airline firm believes that there are so many opportunities in the blockchain technology. It holds a lot of benefits for those that will successfully apply the technology. One of the benefits is that all market participants, like hospitality distribution systems, travel companies, and airlines, can carry out transactions without intermediaries.
Troester explained that technology would not benefit only the company. According to him, the blockchain platform will benefit consumers in areas of travel options and cost reduction. With better technologies to implement travel system portals, there will be a reduction in cost, which will ultimately reduce the cost of air tickets.
Another important benefit of the technology is the fact that it’s completely secure because of the decentralized blockchain system stores all the information. And since millions of sources verify it in real-time, it is almost impossible to change or temper the data. Consumers can also have more travel options to follow different travel routes when they are connected to the system.
Besides, there will be a reduction in transaction fees, as more companies can connect easily. The technology will also offer more travel options when more companies connect to the platform. The transparency and security of the blockchain platform make it a suitable and effective platform in the travel industry, Troester stated.
But Troester addressed the challenge the company will encounter while introducing the platform. Since it’s a new technology, Hahn Air may struggle a bit with the platform until it has enough competent staff that will effectively manage all areas. But, in the long run, the company sees an improvement in overall efficiency in the industry.
|Exchange||Volume change, 24h|