Singapore Airlines to launch blockchain based wallet

KrisFlyer, Singapore’s largest airline operator is turning to blockchain to boost its loyalty program miles. In an announcement on Feb 5, Singapore Airlines said it will launch a digital wallet for its frequent flyer program. KrisFlyer will launch the program in 6 months powered by a private blockchain.

Loyalty based Digital Wallet

KrisFlyer will give its frequent flyers to use digital currencies that can be used for point-of-sale transactions at participating retail merchants. Also, the company said the initiative comes about after a successful proof-of-concept trial in partnership with KPMG and Microsoft. And it is currently signing up retail merchants – initially in Singapore – to join the blockchain-based service. The company will enable the first-of-its-kind lifestyle digital wallet app for an airline loyalty programme through blockchain technology. They will use SIA-owned private blockchain involving only merchants and partners for the trade.

Goh Choon Phong, the CEO of Singapore Airlines said that:

“Innovation has been a key contributor to the success of Singapore Airlines since Day 1 and we are very excited about this world-first initiative. It will bring even more benefits to members of our KrisFlyer programme. This groundbreaking development in which we will be using blockchain technology to ‘digitalise’ KrisFlyer miles is a demonstration of the investment we are making. It is to significantly enhance the digital side of our business for the benefit of our customers. It is in line with our recently unveiled Digital Innovation Blueprint. Under which we aim to be the world’s leading digital airline.”

Use of Blockchain by Airlines

This is not the first time that an Airlines Company is adopting Blockchain technology. The new project is the latest instance where Airlines and Airport operators are adopting blockchain technology to enhance their operations. As reported previously, Australia’s Brisbane airport had announced that they are going to use cryptocurrency for trading. And U.S. airline Surf Air has also announced plans to accept cryptocurrencies for ticket payments. Further even Russian airline S7 is reportedly exploring blockchain technology for the issuing of flight tickets.

In conclusion, it appears that Airlines industry is really excited to adopt and use cryptocurrency for trading.

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