The power of blockchain technology is being well acknowledged by various industries. Joining this league is the Hong Kong flag carrier and airline giant Cathay Pacific. Cathay Pacific is all set to explore dimensions of blockchain technology applications.
The first application of blockchain technology launched by Cathay Pacific Group will privilage the customers with air miles over a single distributed ledger enabling them, the airlines partner and the airline, earn member rewards in real time.
Cathay Pacific Group with technology partner Accenture will first power a new mobile application and a platform – ‘Unlock Air Miles’. The market campaign will also feature a dining promotion through which members of ‘Asia Miles’ – reward program of Cathay Pacific, will enjoy the air miles credited to their accounts within 24 hours of earning them.
An official statement issued by the airline explained that the blockchain platform will put data fulfillment procedures on automation and will enable a transparent transaction history between airline and its dining partners through a shared data set.
Most striking factor of Cathay Pacific Group’s initiative is that it will improve their business efficiency with minimum back office Administration.
The blockchain technology implementation by Cathay Pacific Group and Asia Miles is a joint effort to provide Asia Miles partners a single data source when managing account activity. This will allow Asia Miles, partners and members are real time ability to manage rewards.
Cathay Pacific’s venture into blockchain technology is being linked to its chief rival Singapore Airlines’s announcement of launching its own blockchain based loyalty wallet application early this year.
AirAsia too has announced that reward program will migrate to a new cryptocurrency called ‘BigCoin’ likelihood of holding an ICO to fund the development of the new financial services division seems strong. Following the current trend of investing in Blockchain start-ups by Airlines around the Globe, German airline giant Lufthansa has also made it clear by issuing an announcement in the Swiss block in start-up through an ICO.