Blockchain Wallet for Singapore Airline Frequent Flyers
Singapore Airlines (SIA) has announced that it will launch a blockchain –based wallet for their frequent flyers, offering them another way of spending their accumulated air miles.
This loyalty digital wallet is for Singapore Airline’s KrisFlyer frequent-flyer program, which will enable travelers to spend their air miles more easily at retail partners. This application was designed to help passengers with the spending of KrissFlyer miles in point on sale transactions at affiliated retail merchants, read the announcement.
SIA did not give many details concerning their new project. The wallet will be based on its own blockchain in which participating merchants and partners for the digital loyalty program. The airline operator confirmed that the app was successfully deployed in a proof of base concept trial, which was done in collaboration with Microsoft and KMPG’s Digital Village in Singapore.
This implementation of blockchain technology by one of the world’s most popular and leading airline operators which is also Singapore’s national airline, a country that is a point of intersection for many Asia airlines.
According to SIA, they have developed the ’world’s first blockchain-based airline loyalty digital wallet’.
“This ground-breaking development in which we will be using blockchain technology to ‘digitalise’ KrisFlyer miles is a demonstration of the investment we are making to significantly enhance the digital side of our business for the benefit of our customers,” stated Singapore Airlines CEO Goh Choon Phong.
The app is expected to be available for customers in about six months. Singapore Airlines is currently persuading retail merchant partners for its blockchain wallet program.
Singapore Airline’s campaign to enter the blockchain space, follows the initiative of others from the airline industry that have adopted the use of cryptocurrencies and blockchain technology.
Just last month, Brisbane International Airport started accepting cryptocurrencies like bitcoin in its retail store from its terminals. A Polish airline started accepting bitcoin in 2015 and Peach Aviation is Japan’s first airline to accept the cryptocurrency last year.
Russian airline S7 started using the Ethereum blockchain last year to sell tickets, while Air New Zealand confirmed that it was looking in to the potential uses of the Ethereum blockchain. French insurance company AXA also began using Ethereum’s public blockchain to give compensation for air travellers as part of an insurance given in case of flight delays.
German airline company Lufthansa invested in a Swiss ICO last year for a blockchain start up, revealing its plan to launch a B2B blockchain marketplace, which is also based on a public Ethereum blockchain.
The benefits and use cases of blockchain have persuaded many companies in developing apps on this technology. The airline industry is just one of many adherents that have recognized the potential of cryptocurrencies and blockchain.