S7 Airlines, Russia’s biggest domestic airline, is using blockchain technology to issue passenger tickets, Kommersant reported.
The airline has received lending support from leading Russian bank Alfa-Bank for the blockchain initiative. According to the report, S7, along with its ticketing agent S7 Ticket, started selling tickets on the Ethereum blockchain this week.
The platform has been designed to reduce the settlement times, which currently, being based on the traditional system, takes around two weeks. Also, by automatically deducting the commission of the agent after the ticket sales, the blockchain-based platform would help enhance the efficiency of the system.
“The system of payments on the basis of the block[chain]-platform ensures receipt of proceeds from sales, minus the commission of the agent immediately after issuing the ticket," the bank noted (loosely translated).
CoinDesk noted that the blockchain project follows a collaboration between S7 Airlines and Alfa-Bank to explore blockchain application in letter of credit settlements.
FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest
