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.
Stay updated here with how the cryptocurrency is tracking:
More Like this
- Bitcoin Watch – Gazpromneft-Aero and S7 Airlines trial blockchain technology to improve fuel processesAugust 28, 2018
- Bitcoin Watch – OTA Cheapair partners with BTCPayServer for Bitcoin travel paymentsJuly 16, 2018
- Bitcoin Watch – Bitcoin records its worst month since Jan-2015February 1, 2018
- Bitcoin Watch – Cryptocurrency market recovers and breaks USD500 billion markFebruary 19, 2018
- Bitcoin Watch – Fluctuations in Bitcoin represent less than two percent of valueOctober 29, 2018
- Catch up on CAPA’s exclusive Market Analysis pieces – Blockchain, John F Kennedy Airport, SAS and moreDecember 18, 2017
- Bitcoin Watch – Bitcoin slips back to USD8,000 and into overbought territoryJuly 26, 2018
- Bitcoin Watch – Twitter CEO believes Bitcoin will become the global currencyMarch 22, 2018
- Bitcoin Watch – Bitcoin dives in line with global market sell-offOctober 12, 2018
- Driving the future distribution – Hahn Air issues first airline ticket and flies passengers on blockchain, while NDC is a talking pointNovember 20, 2019
- Bitcoin Watch – New research suggests Cryptos will replace traditional currencyJuly 10, 2018
- Airline customers demand attention, but it is technology that is enabling itJanuary 24, 2018