Blockchain can provide a more decentralized, secure and a stable environment where business and commercial transactions are more reliable and transparent, blockchain has the potential to disrupt processes in many industries. Some airlines are already exploring the application of blockchain in various areas such as customer service, repair, and maintenance of aircraft, ground operations and resources to develop overall administration.
How will Blockchain benefit To the Aviation Industry?
The main reason for blockchain’s popularity among the airline industry is its capability of storing information on a shared digital ledger that can be used for storing data associated to the maintenance status of aircraft, flight schedules, and other data. For instance, blockchain can be used for registration of details such as the date of manufacture, serial number, inventory of spare parts of a specific component and other data that the technical team can quickly locate while repair and support.
Blockchain Technology Use Cases in the Aviation Industry
Identity Management
In the airline sector, forging identities of individuals comes with serious threats, including the possibility of terrorist activity at airports or on flights. Blockchain can use biometrics to validate identities. Furthermore, once it is validated, the identity is stored on the blockchain where it cannot be altered in any way due to the decentralized and secure network. Besides reducing human errors that occur during the process of checking identity documents, in the long term, blockchain could potentially result in biometric identification replacing paper passports.
Streamlining Digital Travel Systems
All airlines companies face inefficiencies caused by fragmentation costs. They arise due to cost differences from additional features such as upgrades and premium services as well as from customers using different services or operators to save money. Blockchain technology presents an opportunity to streamline these cost efficiencies by providing a unified system that airlines, travel agents and other players in the industry can use for booking an entire trip. It would include not only factors such as loyalty programs that affect the cost of a trip but also non-airline related services such as transportation and hotel accommodation.
Ticketing through tokenization
Legacy ticketing systems come with the risk of errors during the issue of the ticket as well as from system failures. They can use smart contracts to create a paperless ticket that includes built-in stipulations for additional criteria such as lounge access, first-class or business class privileges and other services. Since the tickets will be stored on the ledger, it eliminates the risk of chaos caused by events such as system crashes. Moreover, it can combine elements such as biometric identification to eliminate the need for customers to carry digital or paper tickets and identity documents.
Flight Records Systems Security
Events such as Aeroplane crashes or flight disappearance (like that of Flight 370 of Malaysian Airlines in 2014) are dependent on flight records for determining the cause of the accident or for tracking the path of the aircraft to find the wreckage or initiate search and rescue operations. Blockchain can help to collect and store all the data related to a specific flight, whether it is the manifests, flight path, baggage onboarding or other factors. The data can be used for tasks of varying importance, whether it’s to track down the location of lost baggage or details such as the names of passengers on board the flight and their seat numbers. Since the information is stored securely on a centralized ledger in a remote location, there will be no danger of it going missing.
Maintenance Transparency
Delays are frequent during air travel, and they add to the overall costs due to passenger compensation expenses, hangar costs and other overheads. In most cases, unforeseen maintenance is the primary cause of such delays. Several leading companies in the airline industry are already exploring the use of blockchain’s distributed ledger to make aircraft maintenance more transparent than it is. The technology can be used to track the fitness of individual parts of the aircraft by monitoring data such as date of manufacture, depreciation and other maintenance-related features to gauge when a part needs replacement, thereby reducing delays.
Reducing Instances of Overbooking
Since empty seats result in a loss of revenue, airlines follow the practice of overbooking flights as a backup against last-minute cancellations, passengers arriving late for the flight and other reasons that could cause them to fly under capacity. The outcome can be chaotic when the overbooked passengers have forced off flights or refused to board, resulting in bad press for the airline. By using blockchain-based features such as tokenized ticketing and smart contracts, airlines can manage the overbooking in a better manner to ensure that none of the parties suffers.
Airline Alliance Revenue Sharing
Currently, there are three major airline alliances worldwide, which calls for an efficient revenue-sharing model. While the alliance offers passengers the option of many connections, the algorithms used for revenue sharing are not reliable, resulting in inter-airline disputes and delayed flights. Blockchain presents the opportunity to create a unified system that uses predetermined criteria to share revenue immediately, thereby reducing overall costs and ensuring that flights are not delayed due to revenue sharing disputes.
Streamlined Frequent Flyer Programs
While frequent flyer programs are aimed at capitalizing on customer loyalty, the loyalty programs of airlines vary significantly and have a lot of scope for improvement in terms of incentivization of customers. Blockchain providing customers with many more options for redeeming their accrued miles. Additionally, aspects such as revenue sharing, loyalty point redemption and accrual of points can be managed seamlessly with blockchain.
Fusion informatics provides top blockchain application development services in Qatar, Globally. Our blockchain development services comprise of Cryptocurrency Development Services, hyper ledger development, private blockchain and etc. Hire our blockchain developers and we will build top-notch quality blockchain applications for your enterprise. We present blockchain applications that will assist the companies to withstand in the competitive environment. Also Fusion Informatics has always been considered as one of the Best Mobile App Development Company in Doha, Qatar. Mobile Application Development is an area that goes beyond the creation of a convincing user interface.
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The blockchain technology is gradually and steadily carving out a prominent space for itself across hotel and hospitality.
So let's start light on how the blockchain technology helps the hotel and hospitality industry, and its application.The benefits of blockchain technologyApplying blockchain technology in the hospitality industry gives several benefits, with the most obvious one being the aspect of security and stability.
Few of the ways blockchain shows advantageous for the hotel, hospitality industries.Benefits in earning better resultsBy adopting the blockchain technology, the hotels can share their catalog or inventory and other properties online with all the potential consumers.
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