Blockchain In Aviation: The Example Of S7
CryptoBit News Today1 min read
On Wednesday, S7 Airlines announced its blockchain payment platform processed over $1 million in transactions via its flight booking agents in July. S7 stated that payment volume on the platform has grown tenfold since January, citing the July performance as proof that blockchain technology can help boost commercial sales. According to figures published by the carrier, total payments via the blockchain system have exceeded $3.9 million since January 2019.
Blockchain payments top $1 million monthly with S7
S7 Group sales director Ekaterina Dmitruk said the airline plans to deploy the first NDC-compliant online agents onto the platform within the year. Dmitruk noted that the new technology made it easier for agents to deal directly with the carrier, allowing S7 Airlines to broaden its sales network.
First used to sell a flight ticket in July 2017, the private blockchain connects travel agents to the reservation system, cutting transaction expenses and removing the need for deposits and guarantees. Built on the Ethereum protocol and using the Hyperledger Fabric framework for network performance, the private system avoids many of the scalability challenges associated with public blockchain implementations.
According to Mukhanov, S7 is also working to automate additional processes using the Hyperledger Fabric platform.
S7 Airlines collaborated with Alfa-Bank to build the system, which settled the first transaction in July 2017. Since then, the carrier began working on a number of blockchain projects, including Russia's first aircraft refueling using smart contracts with Gazpromneft-Aero and Alfa-Bank in August 2018. The digital payment system completed the transfer of funds from the airline to the fuel supplier and transfer of reporting documents in 60 seconds, minimizing credit risks between the parties.
