Blockchain Inspires Airlines To Revamp Their Frequent Flyer Program

Blockchain technology is expected to dominate the travel industry in years to come...

Singapore Airlines is just one more airline that's announced that they are interested in familiarizing themselves and their business with blockchain technology. They follow Air New Zealand and Lufthansa, who've also already signaled their interest to start using blockchain technology as a part of their business model.

Singapore Airlines has stated that they have significant interest in looking forward to incorporate blockchain technology into their frequent flyer program.

It gives them more options of how they can go about spending their miles, which will likely keep customers interested in flying with that airline over others, because they are offered a new way to go about spending those accumulated miles.

What they want to do is create a digital wallet that will enable their customers to be able to spend the miles that they earn, similar to how you can spend cryptocurrency today in a variety of different places.

The blockchain technology that they are looking to start using is allegedly only going to be available to the partners of the airline and its vendors. And they are going to be looking to bring retailers onto the program, to start with only those within the region, and the app is expected to be launched within several months.

Spending hundreds of millions of dollars transitioning toward digital technology...

The chief executive for the airline has said that he believes that they are the first ones to endeavor down this road and look to incorporate blockchain technology in this way for their loyalty program.

Over the next few years, they will be funneling a significant amount of resources toward the endeavor, trying to incorporate more digital technology into the business space.

Other airlines, like Lufthansa and Air New Zealand, have mentioned the possibility of looking to use blockchain technology on distributing tickets and to try and provide better service to customers as well. We can expect that in the years to come, a great deal of airlines will join them and consider what possible advantages that blockchain technology and cryptocurrency might be able to provide them.

As more airlines look to get familiarized with blockchain technology that will also likely put the pressure on the rest to do the same. Coincidentally, at the moment Singapore Airlines is regarded as the 2nd best airline in the world, after Qatar Airways.

Since day one, they have placed a high priority on innovation in their work space, according to CEO Goh Choon Phong. And that makes them even more thrilled to possibly be the first ones to introduce a merge between their business model and blockchain technology.

They hope that this move will significantly enhance the digital side of their day-to-day business, solidifying their position as the world's leading digital airline; along with bringing convenience and benefit to the customers.

And it's not just airlines who can benefit either, tour operators and hotels could also use blockchain to reduce their distribution costs, help with transparency, data security, and process simplification etc. It has the potential to transform a great deal of industries, from law enforcement and finance, to retail, ride sharing, internet advertising, and much more.

Pics:
Pixabay
Pixabay
pixabay

Sources:
https://www.reuters.com/article/us-singapore-airshow-blockchain/singapore-airlines-plans-blockchain-tech-for-frequent-flyer-spending-idUSKBN1FP0AG?utm_source=twitter&utm_medium=Social
https://skift.com/2017/10/10/lufthansa-partners-with-a-blockchain-provider-in-an-investment-worth-testing/
http://time.com/money/5133306/singapore-airlines-frequent-flyer-blockchain/
http://www.worldairlineawards.com/awards/world_airline_rating.html
https://skift.com/2017/08/28/6-blockchain-takeaways-from-tour-operator-tuis-hotel-initiative/
http://www.futuretravelexperience.com/2018/02/singapore-airlines-blockchain-krisflyer-digital-wallet/
https://www.cbinsights.com/research/industries-disrupted-blockchain/
https://medium.com/swlh/5-ways-blockchain-will-disrupt-the-travel-industry-5792c9ecfb4e
https://www.forbes.com/forbes/welcome/?toURL=https://www.forbes.com/sites/forbesfinancecouncil/2017/03/28/how-blockchain-technology-will-dominate-the-travel-sector/&refURL=https://www.google.ca&referrer=https://www.google.ca

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