Blockchain-based operations, is the region ready?

1024 576
Blockchain-based operations, is the region ready?
Source: ALTA
September 16, 2022

During the first day of ALTA Aviation Law Americas, Santiago Balbi, Legal Advisor of TravelX, shared with the attendees a presentation on the Blockchain-based business model for the airline industry.

The company, a member of the Latin American and Caribbean Air Transport Association (ALTA) since April 2022 and a pioneer in developing marketable solutions for aviation based on blockchain technology, proposes the distribution of air products or tickets as non-fungible tokens (NFTs). Solutions that will provide more efficiency and immediacy to insurance purchase, reimbursement, cancellation or collection operations, exponentially improving the user experience and generating efficiency and profitability for airlines.

And although talking about Blockchain may still seem alien to the airline industry, Balbi assured that this technology will undoubtedly be the next evolution of the internet and business, just as web 1 and web 2 were at the time.

"At TravelX we are pioneers in the application of Blockchain technology with 100% transactional purposes for the travel industry, that is, we seek to help optimize the sales and post-sale process of an airline through this new technology. Distributing your tickets as NFTickets, any airline will be able to offer its customers a better, more flexible product, generating, at the same time, strong improvements in efficiency, guaranteeing traceability and revenue through the configuration of smart contracts”, comments Francisco Vigo, Chief Commercial TravelX officer.

“TravelX's mission is to convert the promise of the future into solutions for the present: scalable and adaptable tools for airlines and companies related to the airline industry. Being a member of ALTA, TravelX contributes to making available to all its other members the knowledge and technologies that will make the transition towards a more efficient, innovative and massive industry possible”, comments José Ricardo Botelho, Executive Director & CEO of ALTA.

Additionally, the company TravelX and Air Europa, also a member of ALTA, were recently awarded during the Future Travel Experience Global 2022 event. The award was given for Air Europa being the first airline to adopt Blockchain technology for inventory management and distribution, as well as as for distributing the first non-expendable airline tickets, or NFTickets.

Both companies will auction tickets for a special flight to Miami, scheduled for November 29 of this year, each of which is, in turn, a unique artistic piece. In addition, the ticket includes access to various benefits and an artistic event. The first NFTicket auctioned by Air Europa for this flight was sold for just over a million dollars.


Did you like the news? Share it!

to continue reading ...