Blockchain Flies High As Russian Air Carrier Implements Ethereum Blockchain In Ticket Processing
The biggest domestic Air carrier of Russia, S7 Airlines has implemented Ethereum Blockchain Technology for issuing passenger tickets from Monday 24th July,2017. The airline has managed to entwine Blockchain operations into their functionalities in collaboration with Alfa bank, a leading financial house of Russia. According to a report published by Kommersant, a renounced Russian magazine the airline has been selling tickets through its ticketing agent S7 Ticket using the Ethereum Blockchain platform.
The ticket vending platform which is based on traditional architecture proposes to reduce the two weeks of time taken in settlement for processing transactions. This Blockchain based platform also aims to achieve economic efficiency by doing away with the hefty commission levied by ticket selling agents. Overall it is taking huge leaps towards infusing higher efficiency in the system and streamlining the payment process as a whole.
It is not yet clear whether this alliance is built on public or private version of Ethereum. Alfa Bank and S7 Airlines had been reported of working together previously exploring the implementation of smart contracts for tracking letters of credit.
S7 Airlines is banking on the Blockchain trump card to secure market votes in their favour in ahead of competitors. Their current move has taken them a step ahead of Aeroflot, a competitor airline which has requested a proposal containing inclusion of cryptocurrency in daily functions. This massive step taken by the Russian airline represent their forward looking approach in sync with the dynamic blockchain technology which is all set bring widespread changes in days to come. It also reflects Russia’s deep interest in the field of buzzing technological advancements which according to their Prime Minister Vladimir Putin is the stepping stone of creating cutting edge business models.
With retailers like Walmart and shipping honchos like Maersk already basking in the glory of successful implementation of Blockchain in their daily operations, this latest move of S7 Airlines could help people all around the globe book their travel tickets to and from Russia using Blockchain.
Wal-mart is even looking to implement Blockchain Technology in it’s drone-based delivery system.
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