S7 Airlines rakes in $1 million with its blockchain ticketing platform
S7 Airlines, Russia’s biggest domestic airline company has reaped in $1 million in sales in July, after employing a private blockchain ticketing platform. The platform has been developed in collaboration with Russian commercial bank, Alfa Bank in July last year. Speaking on the recent development, Ekaterina Dmitruk, Sales Director, S7 said, “Thanks to this new technology, now it’s easier for our agents to work directly with the airline, which allowed us to expand our own S7 Airlines sales network. Within this year, we are planning to deploy first online agents, whose work would comply with the NDC standard, on the platform.”
The airlines confirmed that payments made over the blockchain ticketing platform have shown a tenfold increase. Using blockchain enabled the airline to securely connect its ticket booking system to the banking system, speeding up payments processing and slashing the amount of manual paperwork traditionally required.
Nikolai Mukhanov, Executive Director, S7 Techlab expressed that following the success of deploying a blockchain ticketing platform, S7 is looking at automating several other processes using the Hyperledger Fabric platform.
The firm has previously trialled blockchain projects, last year claiming itself to be the first airline in Russia to refuel an aircraft using smart contracts based on the blockchain technology in partnership with Gazpromneft-Aero and Alfa-Bank.
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