The airline industry is a complex, dynamic, and very competitive industry operating in a high-volume, low-margin environment. In order to operate profitably the layers of business systems that underpin it require extreme efficiency and precision, in multiple areas such as reservations, inventory, departure control, and ticketing.
A recent industry report, commissioned by global travel industry IT Provider Amadeus, highlighted many opportunities to streamline financial processes. The report, by leading market research consulting firm Frost Sullivan, claims that accepting the currency bitcoin can help boost airline revenue, but more importantly, integrating blockchain technology could be “revolutionary” for the airline industry.
“Bitcoin could be much more to airline revenue accounting than just an asset that can be exchanged. The technology behind Bitcoin—the Blockchain—is likely to have a far reaching impact on accounting everywhere. It is essentially a single, extremely secure, transparent global ledger. The network, rather than a third party, validates a transaction. This means that friction (and cost) can be reduced across the network.”
– Frost Sullivan
The report explains that while airlines have done an admirable job of running extremely