Blockchain Adoption Could Explode in the Airline Industry

According to a recent report by air transport communications and IT specialist SITA, airports and airlines are heavily interested in emerging technologies such as blockchain, A.I., and biometrics.

Airlines have identified that blockchain can offer a wide range of use cases from passenger identification to tokenizing e-tickets, managing frequent flyer programs, and more.

While it’s still early for integrating the technology, extensive research is underway by over half of the airlines, the report explains:

“Currently, only 1 in 10 airlines have a major program for blockchain initiatives, the same as in 2017. However, 59% of airlines have pilot or research programs in place in 2018, which is up from 42%.” – SITA Insights Report, Page 22

The detailed report goes on to explain that certain use cases will have greater benefits using blockchain than others. 40% of airlines expect major benefits from using blockchain for identification, with over 60% expecting some benefit from smart contracts and maintenance efficiency.

Artificial intelligence will likely be used alongside blockchain-powered systems for identification, customer service roles (online support), and predictive analytics.

Airports will likely take advantage of emerging technology start-ups to integrate and automate current specialized use cases, with the next decade looking like a key time for partnership plans.

The impression gained from the report suggests airlines are planning on streamlining operations through emerging technologies from the next decade onwards. The report did not mention any cryptocurrencies directly, but there are plans to make the world’s airports friendly to your favorite coins!

Binance Invests Over $3 Million Into TravelbyBit

Airports are keen for partnerships to help push innovation. A key example of this is from leading crypto exchange Binance, which has invested $3.2 million (AUD) into Australian start-up TravelbyBit!

TravelbyBit enables travelers to use cryptocurrency as a form of payment, rather than fiat, with its payment platform already in use in Brisbane, making it the first of many airports to become blockchain- and cryptocurrency-friendly.

Binance and TravelbyBit’s long-term plan is to enable every airport to accept cryptocurrency as payment.

 “Long term, TravelbyBit shares our vision and values, and we are excited to work together with them to bring a blockchain-enabled economy.” – Changpeng Zhao, CEO of Binance