I had an interesting discussion with a friend of mine about Blockchain Technology over the weekend. It led me to sit down and write a piece about it. The airline industry is widely known to be data intense in nature. Its complicated procedures have a lot to gain from the amazing revolution made by Blockchain Technology.Thanks to the usage of a messaging protocol that is widely distributed, blockchains provide shared ledgers that breakdown the reconciliation procedure. The technology is rather different from traditional techniques namely because they are much more durable and consistent.
At this point, I can tell you from my own personal experience that the travel industry depends on a number of touchpoints that range from bookings to arrival and I have come to understand that most key players include online travel platforms, government agencies, airlines, card providers, airports, car rentals and more. Each player in this network collects stores and often shares operational information. I have also learnt that complex data reconciliation takes place behind the scenes at important touch points on a tourist’s trip. With multiple systems, airlines store data in a large number of stockpiled systems that include passenger service to crew management. When things don’t go the way you planned them out, revenue generation and operational integrity remains in the line of fire. I would always recommend not to take too much risks when you reach such a stage.I have often been told that unlike most traditional data technology, it continues to be consistent and durable. So the question that I’m sure you’re waiting to ask is-how can an airline cut through the chase and use this technology? For starters, I’d suggest moving past a number of common myths related to blockchains starting with the Bitcoin confusion.
This is a question I’ve often found myself answering to a number of people. Blockchain is the technology of Bitcoin and without the coin, it is nothing more than a capability.