The flag carrying airline of Hong Kong, Cathay Pacific has joined an ever-growing number of airline operators that are harnessing the power of blockchain technology to offer solutions in their sector.
Cathay has just launched their first application of blockchain technology which will issue air miles over a single distributed ledger. This will enable Cathay Pacific passengers, airline partners, and the airline itself manage member’s rewards in real time.
This new blockchain application will be rolled out gradually, starting with a new mobile application and platform that has been developed in collaboration with Accenture. Called “Unlock More Miles”, the marketing campaign will work alongside a dining promotion where clients see air miles credited to their accounts within a day of earning them.
The blockchain platform will automatically take care of data fulfilment procedures as well as providing a transparent transaction record between the customer, the dining partners, and the airline.
‘The beauty of this initiative is that it helps improve business efficiency minimizing back-office administration,’ it said, adding:
‘By harnessing blockchain technology, the Cathay Pacific Group and Asia Miles are providing Asia Miles partners with a single data source when managing account activity. This allows Asia Miles, partners and members a near real-time ability to manage rewards.’
Something of a trend
Cathay’s recent announcement comes soon after Singapore Airlines announced their own blockchain-based loyalty wallet application at the beginning of the year. Created in partnership with Microsoft, th private blockchain has proved successful thus far.
Air Asia has also announced that it intends to migrate its reward program to a new cryptocurrency called BigCoin. The firm is also considering holding an ICO to raise funds for the new development of a financial services division. German airline giant Lufthansa has also announced it has invested in a Swiss blockchain startup via an ICO after revealing plans to create a B2B blockchain marketplace based on a public Ethereum blockchain.