Blockchain Solution For Airlines Launched By IT Firm NIIT Technologiesbr>
India-based IT firm NIIT Technologies has released a new blockchain solution designed to address challenges faced by airlines and its partners in the backend process of settlements.
NIIT Technologies is an IT provider with customers in travel and transportation, banking and financial services, insurance, manufacturing and media verticals. It offers a range of services including application development and maintenance, infrastructure management, and business process management.
Called Chain-m, the blockchain solution is implemented on Hyperledger Fabric and uses Chaincode, a contract consisting of Business rules, to arbitrate conflicting data and automatically execute when certain conditions are met. The solution makes ticketing transactions transparent by providing a consolidated weekly view of number of tickets sold, total amount, fare amount, commission, Agency Debit Memo/Agency Credit Memo generated, tax amount, and payment to agencies from the airline.
NIIT claims that Chain-m will provide airlines and its partners more security, agility, and cost savings that will enable them to address challenges pertaining to revenue leakage, lack of trust and transparency, incorrect fares, and commission violations. The solution also reduces instances of disputes by implementing smart contracts.
“Leveraging our domain expertise, together with the differentiated capabilities that we have been building in the emerging technologies space, is helping us drive real business impact for our clients,” said Anil Batra, Transformation leader, Travel and Transportation, NIIT Technologies. “Chain-m is a first-of-its kind solution which uses blockchain technology to solve real and widespread challenges for the airline industry.”