Air France-KLM To Reduce Cost Of Flights By Means Of Blockchain
Holding airline company Air France-KLM (AF-KLM) is exploring ways to use blockchain to reduce the cost of flights and increase the profits of suppliers, thereby eliminating the services of intermediaries, according to a report on the official website of the company.
AF-KLM has signed a cooperation agreement with Winding Tree, which offers blockchain solutions in the travel and transportation sphere. Winding Tree developers will facilitate the implementation of their products in the airline system.
AF-KLM is confident that by means of blockchain technology, which will allow transferring and storing information without using a centralized database, customers will be offered more favorable flight conditions, and the airlines will be able to establish a direct communication with suppliers.
In October last year, Lufthansa also entered into a partnership with Winding Tree to introduce blockchain. During roughly the same period, the Sita research group completed testing blockchain to report on the status of British Airways flights based on Miami and Heathrow airports.
Sonia Barrière, AF-KLM’s Executive Vice President for Strategy and Innovation, stressed that the company’s team is very pleased to be among the first representatives of the airline industry planning to use blockchain technology.
Blockchain is often used in the financial industry and on the crypto markets, but it is becoming increasingly popular too among large companies in many industries for monitoring and processing large volumes of data due to its decentralized system.
As previously reported, the capitalization of the market providing blockchain solutions may reach more than $7 billion.