NIIT Technologies launches ‘Chain-m’, a blockchain powered solution for airlines. According to NIIT, Chain-m helps address the challenges faced by airlines and its partners in the backend process of settlements by making ticketing transactions transparent. Blockchain is the technology which underpins bitcoin and cryptocurrencies around the world.
Benefits of Chain-m include:
- Privacy and transparency – Single view of ticketing transactions for Airlines and agencies.
- Quick reconciliation – Eliminates / reduces instances of disputes by implementing smart contracts.
- Reduced efforts in resolving disputes – Ease of accepting / disputing ADM/ACM reduces effort spent on the disputed transactions.
- Peer-to-peer transmission – All actions are visible to all parties with transactional history maintained for future reference.
- Reduced Cost – Collective verification of ecosystem helps reduce cost.
- Highly protected – data through intrinsic data protection mechanism of blockchain.
- Transactions Record Keeping – Immutability of data on the blockchain helps record keeping.
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