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.<\/p>\n
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:<\/p>\n
\n“The airline earns revenue from the sale, net of the agent’s commission, immediately after the ticket is issued, with no multi-day delay.”<\/p>\n<\/blockquote>\n
The new version of the platform, launched in early 2020, shortened the transaction confirmation time to 15 seconds.<\/p>\n
Ticket purchase confirmations occur via the S7 Airlines interface; monitoring the transaction is possible in Raiffeisenbank’s remote servicing system.<\/p>\n
Raiffeisenbank customers will also gain access to automated trades on the S7 TechLab platform.<\/p>\n
S7 Airlines plans to scale the blockchain platform by linking major banks to it and expanding into new commercial sectors.<\/p>\n
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.<\/p>\n
In late August, S7 Airlines and Sberbank announced<\/a> the sale of airline tickets via the blockchain platform for the bank’s corporate clients.<\/p>\n