Wednesday, July 26, 2017

Blockchain Technology Makes You Fly

Russia's biggest airline is now issuing passenger tickets on a blockchain with support from the country's largest private bank.
According to a local report by the media outlet Kommersant, the airline S7 and its ticketing agent S7 Ticket reportedly began the sales on the ethereum blockchain this week. Lending support is Alfa-Bank, Russia's biggest private banking institution.
The report notes that the platform is designed to reduce settlement times between between the airline and the agent, which today take around two weeks. It further strives to streamline the payment process by deducting the agent commission automatically after ticket sales to reflect the final receipt.
As such, the collaboration can be seen as an early attempt in the industry to use ethereum technology in simplifying the airline ticketing process, though this has long been suggested as a possible blockchain use case.
The report does not specify whether the platform is built on a private or public version of ethereum.
Previously, S7 Airlines and Alfa-Bank were reported to be exploring the use of smart contracts in tracking letters of credit.

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