Curtain Raiser
Airways are the fastest mode of transportation around the world. Every year, the need for airlines increases for shipping goods and human transportation. This shows the need for incorporating efficient technology into airline operations. Blockchain is one of such technologies that can highly improve the performance of the existing aviation sector.
In general, blockchain has extensive applications in many industries like healthcare, gaming, insurance, real estate, fintech, etc. Using blockchain in the aviation industry is quite a new concept.
In this blog, we can discuss the various business opportunities blockchain can provide for aviation enterprises.
Untold Story Between Blockchain and Aviation
Can you still believe that blockchain has evolved in unexpected ways? Specifically, it has a rapid growth in larger industries including the flight industry.
Let us see how blockchain and the aviation industry correlate!
Tracking and Traceability
Traceability and tracking are one of the top features of blockchain. In particular, it will benefit aviation companies in numerous ways.
We can track information like passengers’ luggage location, aircraft parts, and airplane coordinates. If any technical issue takes place in the aircraft, we can trace easily trace the details of the latest maintenance audit. With this information, the person who performed the audit can be found.
Slot Administration
Every airport has a finite number of runaways and aircraft stands. These stands and runaways might be full sometimes. In that case, blockchain will help the pilot acquire the details about unused gates and occupy them.
Refunds and Revenue Sharing
When there are times that airplanes get canceled due to weather issues or technical faults. Under such circumstances, the cost of the ticket will get automatically refunded to the passengers. Smart contracts perform refunds and payments to partners in an efficient way.
Used parts market
In general, smaller aviation companies couldn’t afford high-cost aircraft parts. So, they go to the secondary market to purchase used and reconditioned spare parts. Unfortunately, the existing market cannot ensure the quality of those parts. In such a case, blockchain will provide transparency in the secondary market. It also offers the customer a complete history of the aircraft parts from manufacturing.
Loyalty Rewards And Tokenization
Tokenization helps in tokenizing the plane tickets which helps in simplifying the reconciliation and accounting processes. This helps in eliminating double-spending, counterfeits, and scams. We can also conduct loyalty programs and distribute tokens that are redeemable in multiple partner companies.
The Smart contracts in the blockchain ensure a transparent payment gateway for the customer. So, the airline authorities will not be able to alter anything regarding the loyalty rewards and thus the trustworthiness of the bounty program will be improved.
Streamlined payments
Smart contracts help in executing fast and safe transactions between the aviation networks and the customers. Thus, there is no need for additional invoices and expenses. Moreover, streamlining the payment process will reduce documenting works as well as complexity in transactions.
Identity Verification
Blockchain facilitates improved authentication of transactions, documents, customer details, bookings, and more. By verifying such details, the trustworthiness and accuracy of the output will get improved. Ultimately, the security threats can be reduced to an extent.
End Card
Blockchain is a highly powerful technology that can improve the efficiency of various industries. In this blog, we have discussed the Proof of Concept (POC) of using blockchain in the aviation sector. Let us wait and watch what it brings to the forthcoming future!
However, the rate of success of high when an enterprise incorporates blockchain technology. If you’re looking for the industry’s best blockchain development services, consult Blockchain Firm. With proven expertise in blockchain development, we will offer the best custom blockchain solutions at an affordable price.
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