S7 Airlines has introduced a decentralized settlement system for Raiffeisenbank customers. Now users will be able to book and refund tickets directly through the airline’s blockchain platform.
ForkLog said that at booking, the system sends a request to the bank, confirms the agent’s balance is sufficient, after which funds are debited without bank guarantees or deposits:
“The airline earns revenue from the sale, net of the agent’s commission, immediately after the ticket is issued, with no multi-day delay.”
The new version of the platform, launched in early 2020, shortened the transaction confirmation time to 15 seconds.
Ticket purchase confirmations occur via the S7 Airlines interface; monitoring the transaction is possible in Raiffeisenbank’s remote servicing system.
Raiffeisenbank customers will also gain access to automated trades on the S7 TechLab platform.
S7 Airlines plans to scale the blockchain platform by linking major banks to it and expanding into new commercial sectors.
The S7 Airlines blockchain platform is built on the Hyperledger Fabric protocol. The developers say online payments will speed up settlements and reduce paperwork, while ensuring the security of transactions.
In late August, S7 Airlines and Sberbank announced the sale of airline tickets via the blockchain platform for the bank’s corporate clients.
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