India-based NIIT Technologies announces blockchain solution for airlines
Wed, 19 Sep 2018, 05:17 am UTC
Indian IT company NIIT Technologies has announced a new blockchain-based solution for airlines and its partners.
Called “Chain-m,” the solution will address the issues faced by airlines and its partners in the backend process of settlements. The solution makes ticketing transactions transparent, thereby improving the trust between the entities involved in the operation.
“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,” Anil Batra, Transformation leader, Travel and Transportation, NIIT Technologies said.
According to the official release, the solution has a web-based user interface and interactive dashboard, to provide a consolidated weekly view of the number of tickets sold, total amount, fare amount, commission, Agency Debit Memo/Agency Credit Memo generated, tax amount, and payment to agencies from the airline.
Implemented on Hyperledger Fabric, Chain-m uses Chaincode (a contract consisting of Business rules) to arbitrate conflicting data and automatically execute when certain conditions are met. It enables airlines and its partners to address challenges pertaining to revenue leakage, lack of trust and transparency, incorrect fares, and commission violations by providing them with more security, agility, and cost savings.
Some of the key benefits offered by Chain-m include single view of ticketing transactions for airlines and agencies, quick reconciliation, reduced efforts in resolving disputes, and reduced cost, along with some basic features offered by blockchain technology such as peer-to-peer transmission, immutability of data, and enhanced protection.
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