Unfolding The Benefits of the Aviation Industry Using Blockchain

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.

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.

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 enterprise blockchain development services, consult Blockchain Firm. With proven expertise in blockchain development, we will offer the best custom blockchain solutions at an affordable price.