Air New Zealand, the national carrier of New Zealand, on Wednesday announced its decision to embrace the Winding Tree initiative. The idea behind the union is to look at various applications that work around the blockchain network, which the flag carrier can implement to boost its efficiency, security, and service delivery in the areas of baggage tracking, booking, and more.
Exploring the Blockchain
The Blockchain is a digital network for cryptocurrency on which transactions take place using virtual currencies. Bitcoin continues to make news across various aspects of commercial and financial landscapes. Currently, nearly all major corporations worldwide have some link with the blockchain network.
Against that backdrop, the New Zealand flagship carrier does not want to remain behind. According to unconfirmed reports, the carrier is investing in Winding Tree token sale, which is to kick off in January 2018. All the same, Air New Zealand has not made public how much money it intends to put in the initiative.
Winding Tree Token Sale
Token sales, commonly known as ICOs, are part of any start-up company in the blockchain community. It is a faster way of raising funds without any third party involvement. According to Avi Golan, Air New Zealand chief digital officer, the airline aims to exploit the blockchain in several areas of its operation such as:
- Cargo handling
- Baggage tracking
- Retail section
- Distribution sector
- Loyalty programs
While they continue to explore the benefits, the airline may use blockchain to provide an efficient system to retail airfares and supplementary products together with their current channels. With the blockchain technology in place, the airline hopes to streamline the sales process so its customers can benefit from faster and secure information relay as well as reduced transaction costs.
The Winding Tree is an initiative of the Swiss travel that aims to provide a decentralized system that operates on the Ethereum Blockchain. Winding Tree seeks to create the first travel marketplace that connects all players directly without involving third-party interventions. In the end, airlines, hotels, and sellers can conduct business in a secure platform without involving third-party vendors.
To realize its intended goals, Air New Zealand has invited various technology partners to initiate innovations in the corporation. Some of the invited partners include Oscar, a technology company that embraces artificial intelligence. The company enables customers to find solutions through online queries or the carrier’s mobile app. The company has also worked with Chip, a social robot company that has assisted customers with check-ins, especially at the Sydney International Airport.
Aside from the Air New Zealand, other companies are willing to join the Winding Tree initiative. Recently, the German flagship carrier Lufthansa announced its intention to embrace the initiative. On their part, Lufthansa sought to explore ways of using the initiative to handle traveler itinerary information, booking, and rebooking on the blockchain.
With blockchain and cryptocurrency gaining more popularity, it is clear that more players in various sectors will continue to express their interest in the system. Air New Zealand serves as the best examples.