TrustaBit, found online at TrustaBit.io, is a blockchain platform for delayed flights. Find out how it works today in our review.
What is TrustaBit?
TrustaBit uses blockchain technology and smart contracts to issue vouchers to passengers automatically when their flights are delayed. You purchase flight delay insurance through TrustaBit. Then, if the flight gets delayed, that insurance pays out. If the flight leaves on time, then you don’t get a voucher.
We’ve seen other blockchain solutions operate in a similar way. However, TrustaBit is catered more towards the airline industry than to individual passengers. TrustaBit doesn’t connect travelers with insurers on a P2P basis; instead, it connects passengers with airlines.
What Problems Does TrustaBit Seek to Solve?
Today, when a passenger’s flight is canceled or delayed, there is no easy way for that passenger to receive a voucher. The passenger needs to contact the airline call center, visit a help desk, or fill out a form explaining what happened. It’s a frustrating experience where passengers can often end up with nothing.
Furthermore, vouchers must be mailed or emailed to the unhappy customer. By the time the voucher reaches its destination, the passenger’s loyalty has already decreased. They may have made a post about their experience on social media, or they may already be planning their next business trip with another airline.
All of this boils down to three major issues that TrustaBit seeks to solve:
- There’s no easy way to claim a voucher after your flight has been delayed or canceled
- Airline complaints were up 70% in April 2017 from the previous year
- Negative customer experiences devalue brand perception
How Does TrustaBit Work?
TrustaBit’s software can be implemented into an airline’s existing environment. Using the TrustaBit software, users can be compensated immediately based on a set of business criteria. When those criteria are met, the user will receive a voucher in their email address – say, when the flight is delayed or canceled.
This means travelers no longer have to waste time contacting the airline call centers or making claims. It also frees up call centers from unnecessary complaints.
As the TrustaBit official website explains, this system will, “give you the opportunity to make things right with your customers, increase brand loyalty and secure future trips.”
Here’s the basic process involved when an airline uses TrustaBit:
Step 1) The traveler’s flight is canceled
Step 2) TrustaBit’s smart contracts are initiated on the blockchain
Step 3) The user receives an online voucher and other marketing material via email
Step 4) Brand loyalty is achieved, and the passenger has better trust in the airline
Key TrustaBit benefits include all of the following:
- Increases your brand perception and loyalty with consumers
- Reduces the direct and indirect costs of customer service
- Lowers your churn rate while increasing revenue
- Generates custom emails based on consumer behavior through marketing automation
- Uses smart contracts and blockchain technology to automatically email customer’s vouchers
TrustaBit’s core features include all of the following:
Flyers can trust that companies will make things right with them quickly, easily, securely, and automatically. Passengers can look at the smart contract to verify the payment will be made when certain conditions are met.
TrustaBit uses blockchain-based smart contracts to significantly reduce any overhead expenses.
TrustaBit uses a private blockchain where all participants know that transactions can be detected and traced by auditors.
Who’s Behind TrustaBit?
TrustaBit is led by founder and CEO Saritta Hines. Hines has 13+ years of data analytics experience. She has led projects for companies like Cymer, Allergan, Bank of Montreal, Novartis, and Dow Agrosciences. You can view her LinkedIn profile here.
Other listed members of the team include Blair White (Founder and Chief Sales Officer), Woody Means (Chief Technology Officer), and Jaymes Hines (Chief Opportunity Officer). The official TrustaBit.io website links to each individual’s LinkedIn profiles, although none of those profiles mention TrustaBit. Multiple profiles mention a blockchain company called Cymer.
The idea behind TrustaBit was formed in Q4 2017.
The TrustaBit TAB ICO Token Sale
The TrustaBit TAB ICO token pre-sale will take place from February 5 to 12, 2018. The main token sale will take place from February 14 to March 15, 2018. The company has set a minimum target of $3 million for the token sale, with a hard cap of $49 million.
There will be a total supply of 1 billion TAB tokens created. 61% of the tokens are allocated for the main token sale, with the remaining tokens allocated for the team (17%), early investors (10%), the advisory board (5%), the pre-sale (4%), and bounties (3%).
Tokens will be sold at a rate of $0.10 USD during the token sale, although bonuses are available.
Why is TrustaBit Needed?
TrustaBit aims to solve a crucial problem in the airline industry: complaints against airlines are rising. Passengers are having worse flying experiences, and airlines struggle to keep up with call center demand. TrustaBit aims to solve that problem by creating blockchain-based smart contracts between airlines and passengers. These smart contracts execute when certain conditions are met – say, when a flight is delayed or canceled. If that happens, then TrustaBit’s smart contract will pay a certain voucher amount to each passenger.
The only unusual thing about TrustaBit is the team section: the company lists several team members. However, none of the team members list any information about TrustaBit on their public profiles Saritta Hines, for example, is listed as the founder and CEO of the company, but her LinkedIn page has no mention of TrustaBit.
In any case, the token sale for TAB tokens is taking place throughout February and March 2018. You can learn more about TrustaBit by visiting online today at TrustaBit.io.