Blockchain Tech Planned For Singapore Airlines

Singapore Airlines said on Monday it plans to use blockchain technology for its flyers so they could spend their accumulated miles.

The company announced its digital wallet app called KrisFlyer would be launched in six months and it would be signing up retail partners in the Singapore market to begin with.

The Chief Executive Goh Choon Phong told on Singapore Airshow Aviation Leadership Summit, that they are the first airline to start such a program.

Last month Singapore Airlines said about investing millions of dollars in digital technology to stay competitive against global challenges.

Blockchain functions as an online record-keeping system or digital ledger maintained by a random group of peers rather than any central agency or authority.

Blockchain, as a best known technology for underpinning bitcoin and other currencies, holds promise for changing the way of transactions in many industries.

In a statement there was an information that Singapore Airlines technology is its own blockchain involving only partners and traders.

Last year the German airline group Lufthansa and Air New Zealand teamed up with Winding Tree Startup, which is based in Switzerland to build blockchain-based travel apps as a new way of distributing tickets.

Another travel company from Europe called TUI also has launched its own blockchain-based technology system for hotel bookings.