Blockchain Startup Blockskye Receives Investment From Airlines Reporting Corp.

Blockchain, Investing, News | April 5, 2019 By:

Blockchain startup Blockskye has received an undisclosed invesment from Airlines Reporting Corp. (ARC), a provider of ticket transaction settlement services.

Blockskye, founding travel member of the Enterprise Ethereum Alliance, develops solutions that are custom, scalable, and designed for integration. It’s goal is to bring travel industry intelligence, know-how, and credibility to blockchain and new distribution.

The investment form ARC, which is part of Blockskye’s Series A funding round, follows the successful completion of a joint proof-of-concept in January that aimed to determine the viability of using blockchain technology, with the ARC settlement system, to facilitate the reporting and settlement of United Airlines tickets.

“Blockchain and shared ledger technology present a real opportunity to address a number of the inefficiencies and bottlenecks endemic to travel distribution,” said Blockskye CEO and Co-Founder Brook Armstrong. “We are excited to continue our partnership with ARC.”

ARC, which is owned by nine major airlines, said that the investment marks the firm’s first significant round of venture capital financing.

“Our recent collaboration with Blockskye, a major US airline, and one of their largest corporate accounts makes us optimistic that there are near-term use cases for blockchain that drive strategic benefits and pull these already close relationships even closer,” said ARC President and CEO Mike Premo. “We’re delighted to make ARC’s first ever outside investment in Blockskye to support the development of this forward-thinking company and assure customers that the benefits of the industry ecosystem that ARC provides will be easily accessible even as new platforms like blockchain are deployed.”