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.
Spending hundreds of millions of dollars transitioning toward digital technology...
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
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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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This type of business strategy seems to be a no brainer right now. Any company that announces they are having and ICO or releasing a new cryptocurrency goes up 50% overnight.
Utilizing blockchain technology is a good way to replace frequent flyer miles, and upgrade other aspects of their daily business.
Will be interesting to see which airlines follow through with this.
Thanks for sharing.
I am excited if SQ and their subsidiaries will adopt this technology. People like to have options and if i have choices on how to spend my cyptocurrencies, i will be happy to explore using it for flights and travel.
Thanks for sharing this info. Appreciate.
@jackpot
Waah very interesting information for me, a great blockchain plementation,
Hopefully fore nyan more forward lagi.sukses for @doitvoluntarily thank you very useful posting.izin share ya @doitvoluntatily
The blockchain technology change all world
There is going to be a massive amount of innovation in this space in the next 5 to 10 years. It's very exciting. I wonder what impact this is going to have on the crypto currencies that are currently being traded. There's been a lot of bad news circulating in the mainstream media for the last few weeks around crypto, we need more positive news like this.
I that' realy amazing news for me that this technology using in airlines, I hope next coming year many things cheanges and whole air lines used for ticketing. Thanks @doitvoluntarily.
Very cool! I just makes sense! Good to see you still rocking it!
So cool to see blockchain technology being adopted by more and more top tier companies. Now if only the U.S. would get on deregulating, we'd be entering a new golden age of air travel.
wow Good to know! I know Singapore Airlines is one of the leader with big influence among all the airlines in Asia, especially past five years. Probably later on the airlines I work for also join them in the future for the competition. That will be interesting to see how the competition will be next few years :)
This very interesting. Great post! I am excited to see blockchain technology being implemented into different industries!