Within a few years, blockchain has grown to become one of the biggest disruptors in modern tech applications, increasing productivity across countless domains. HashCash CEO Raj Chowdhury voiced his thoughts on blockchain’s rising adoption, mentioning how in addition to the supply chain and BFSI sector, the underlying technology behind cryptocurrencies is also transforming airline management operations.
Blockchain in Aviation
The airline industry is well-known for cut-throat competition among stakeholders vying for a better market position. The profitability of the operations is almost minimal. The sole way to survive in the long run is by providing the best features at the lowest fares. Blockchain changes the game with innovations that promote workflow optimization.
Chowdhury, an eminent blockchain pioneer, asserts, “Blockchain is a versatile innovation that brings value across the entire airline industry. From finance, procurement, marketing, interlinking to secure data tracking and sharing- the possibilities are endless.”
Blockchain Applications in the Airline Industry
There are several notable areas of blockchain implementation across the airline industry. The technology can be used to track aircraft parts and maintenance and loyalty reward programs. Blockchain-powered smart contract agreements are being increasingly used for leasing engines or aircraft parts, interdepartmental document sharing, revenue distribution, airport slot management, and more.
“Aviation executives need solutions that deliver results. Blockchain heralds the change, empowering them with abilities to surpass milestones through a secure and transparent architecture,” remarked Chowdhury.
The gradual recovery of the airline sector in the post-COVID scenario warrants adapting to new-age technologies for better productivity and revenue generation. Blockchain is a huge game-changer, allowing businesses to leverage new growth opportunities and optimize their existing infrastructure.