NIIT Technologies recently released its blockchain-powered solution Chain-m for airlines and their partners in the business. With the help of Chain-m, airlines and their associates can handle all the challenges they face to fulfill the backend process of settlements.
The IT services providing company has clients across major verticals including travel and transportation, insurance, banking, and financial services, media and manufacturing. The Indian company offers a wide range of services including infrastructure management, application development and maintenance, and business process management.
Chain-m to make ticketing process transparent
NIIT Technologies’ Chain-m will improve the trust between the airline and the people involved in the entire process by ensuring transparency in ticketing process. According to the Transformation leader, Travel and Transportation, NIIT Technologies, Anil Batra,
“Leveraging our domain expertise together with the differentiated capabilities that we have been building in the emerging technologies space, is helping us drive real business impact for our clients. Chain-m is a first-of-its kind solution which uses blockchain technology to solve real and widespread challenges for the airline industry.”
Some of the essential features of Chain-m include a web-based user interface, interactive dashboard that provides a consolidated overview of the business procured during an entire week. It includes a number of tickets sold, fare amount, total amount, Agency Debit Memo, commission, tax amount, generated Credit Memo, and payment made by the airline to its agencies. The distributed ledger of Chain-m works on Hyperledger Fabric. It uses a Chaincode contract comprising of Business rules.
Chain-m to help airlines address trust-related issues
Airlines and their partners have been facing multiple challenges and trust-related issues regarding revenue leakage, lack of transparency, commission violations, incorrect fares, cost savings, agility and security problems. Chain-m offers multiple benefits including quick reconciliation, reduced cost, privacy and transparency, peer-to-peer transmission and can help airlines address such challenges efficiently.
Blockchain technology is slowly becoming an integral part of the aviation industry. Singapore Airlines’ DLT-based loyalty program for an airline is in the pipeline. Also, the British Airways is also exploring options and potential of this technology in check-in service.