India’s leading provider of IT solutions has launched a blockchain-based solution for airlines and their partners. Dubbed Chain-M, the system will allow for simple, faster and more transparent transactions to improve trust between all players in the aviation industry.
Bringing Efficiency to Aviation Industry
Chain-M will help to address serious logistical challenges airlines and their partners have to deal with in the settlement processes. The solution will enhance transparency in ticketing and improve trust between the parties. The airline industry has always depended on third parties to offer critical services like distribution, settlement, and maintenance to name a few.
The many intermediaries involved in the management of passengers also get to handle a lot of passengers and operations data.
Since all the third parties work as separate entities, all the data points like sales data, passenger data, baggage, and reconciliation will end up in a silo.
The new development will now help airlines to leverage the fragmented data that is spread across many IT departments. NIIT’s head of transformation of the Travel and Transportation Department, Anil Barta commented:
“Leveraging our expertise in the field, and the differentiated capabilities we have developed in the emerging technologies sector, help us generate a real commercial impact for our customers. Chain-m is a one-of-a-kind solution that uses blockchain technology to solve the real and widespread challenges that airlines face. “
Chain-M will streamline the multiple processes by eliminating or completely reducing the roles played by third parties and giving back the control directly to airlines, their suppliers and their customers. This will help the Airline industry find and implement cost-effective ways of running their businesses besides improving the existing processes.
Blockchain Continues to Find New Use-cases
Chain-M is a blockchain-powered system that is equipped with an interactive dashboard that analyzes the number of tickets sold, the total amount, the fare amounts, commissions, agency credit and debit memos, tax details and payments due to the agencies by the concerned airline.
The protocol will also enable airlines and their partners to seal all the loopholes that lead to lost revenues, incorrect fares, and commissions, lack of trust and transparency and offer enhanced security and cost reduction.
The airline industry is already exploring and adopting blockchain-based solutions and this has continued to increase the understanding of the Distributed Ledger technology (DLT) and its potential in the industry.
By using Chain-M to streamline processes and procedures it is expected that the value will eventually flow to the customer.