NIIT Technologies Shares Chain-m Hyperledger Blockchain Solution For Airlines
For the past couple of years, blockchain technology has evidently taken a flight. According to a press release published by NIIT Technologies Ltd., a world acclaimed international IT solution for corporations, the firm has released a blockchain powered solution for the aviation industry.
Pleased to introduce Chain-M, our #Blockchain powered solution that makes ticketing transactions transparent, thereby providing more security, agility, and cost savings for #airlines and their partners. Know more: https://t.co/4wGJRWRnED
— NIIT Technologies (@NIITTech) September 19, 2018
Helping The Industry In Back End Procedures
The firm has come up with a solution to confront the prevalent challenges faced by the aviation industry as well as their partners globally. Christened Chain-m, the solution will fundamentally assist the airlines in the backend processes of reimbursements.
The solution, which is powered by the distributed ledger technology, will help in streamlining ticketing solutions. This will result in augmenting efficiency and trust between all parties involved.
There are a number of benefits which airlines derive from the solution. One of them include ability to speedily reconcile and resolve disputes. The solution will also reduce costs, improve confidentiality and transparency, as well as open peer-to-peer transactions. It will also enhance the immutability of recorded transactions.
By taking advantage of the web-based UI as well as the collaborating dashboard, the solution will also go a long way in extracting consolidated weekly views of the number of sold tickets. The same will feature amounts of fare, commission, the payable tax amounts, as well as credit and debit memos. Also included are the critical organizational statistics.
Chain-m’s distributed ledger is executed by Hyperledger Fabric, in addition to using a Chaincode. Presently, the aviation industry is facing lots of challenges. This include critical issues such as inadequate trust, wrong fare charges, outflow of profits, and the abuse of commissions by agents.
According to Anil Batra, a transformational leader at NIIT Technologies, the firm has been leveraging their domain proficiency. In addition to the distinguished competences that they have been able to build in the new technical space, the firm uses blockchain technology to solve existent and wide-ranging encounters for the aviation industry at large. This has helped the company to fuel tangible commercial impact for its clients.
Blockchain And The Aviation Space
The innovative blockchain technology has made significant inroads into the aviation space within a considerably short period. According to a recent report released by BTCManager, Singapore Airlines is in intending to unveil its own loyalty program, which will be based on the distributed ledger technology.
Additionally, British airways is currently in the process of exploring the potential of the innovative technology within its check-in service. In this regard, it has collaborated with VChain to carry out tests and authentication contrivances.