Accenture explores blockchain's potential impact on airlines

Rage Comment : Most of the data systems in the aviation industry are isolated. Once a mistake is made, not only the integrity of the system operation and revenue generation will be at risk, but also security and confidentiality will be impossible to guarantee. Accenture, a global consulting giant, recently released a new proposal on the potential impact of blockchain technology on airlines, outlining ways for airlines to use blockchain to change their business models.

Translation: Flora

Accenture has released a new proposal on the potential impact of blockchain technology on airlines. The global consulting giant has outlined ways airlines can use blockchain to change their business models.

In its press release, Accenture outlined the characteristics of the aviation and travel industries, which are supported by data sharing across countless participants and touchpoints, and the potential of blockchain technology.

With each player capturing, collecting, storing and sharing traveler and operational information, and behind each touchpoint lies a complex and seemingly endless web of data corrections, the aviation industry’s operational integrity and revenue generation are at risk, and safety and confidentiality are not guaranteed.

The analysis shows that:

“Using blockchain technology to improve coordination and data sharing is an opportunity to instill value propositions in this space. Blockchain technology is both creative and disruptive, with implications far beyond financial transactions.”

Blockchain can be used in ticketing to tokenize paper tickets and eliminate them altogether. With the help of smart contracts associated with assets, airlines can add business logic, terms and conditions to the sale and use of tickets. Blockchain can be used in loyalty, which is a big issue in air travel. By tokenizing loyalty points on the blockchain, travelers can redeem them for local currency after arriving at their destination, and can also use them among specific user groups.

In addition, blockchain can be used to protect user data privacy and security. Blockchain technology uses authorized access mechanisms to create a completely different and less risky way to manage and share information. Blockchain also has great potential to transform the way maintenance records are recorded.

The analysis report concludes:

“Over the next decade, blockchain technology will continue to be piloted in the airline industry, helping to simplify the industry’s complexity, reduce costs, and improve the entire journey by providing insights into travelers’ travel experiences in real time.”