According to Ledgerinsights report on February 28, Dutch blockchain company unchain.io announced that it has partnered with corporate blockchain Corda founder R3 to jointly develop financial applications for KLM and KLM and its subsidiaries Seamless settlement.
(Source: Pixabay )
KLM is the oldest airline in the world, with a number of freight and passenger subsidiaries. As of 2017, the company had revenues of 10.34 billion euros ($ 11.37 billion). KLM Digital Studio, the company's innovation department, began to venture into the blockchain to improve processes within the KLM Group and develop new business models.
To this end, the airline partnered with unchain.io to develop a blockchain-based accounting system using R3 Corda.
Amsterdam-based unchain.io developed the Blockchain Gateway solution, which aims to integrate existing applications and devices with the blockchain network. The company states that this is an implicit blockchain-agnostic platform whose platform can integrate any use case or device with any blockchain network.
Jelle van der Ploeg, CTO of Unchain.io said:
Unchain's mission is to provide organizations with solutions that simplify data sharing and transactions with the value chain. For KLM, this means digitally changing the settlement process with its subsidiaries.
Although it has not been revealed which subsidiaries will use the platform, the announcement states that KLM is working to integrate more departments into the blockchain ecosystem.
Dominique Vijverberg, KLM financial innovation expert:
KLM Finance is pleased to announce this project, and Digital Studio has completed preliminary exploration in smaller projects. For us, this project is a strategic plan to streamline financial processes and set an example for future blockchain projects. The new plan shifts the company's blockchain focus from trial to practical applications.
Although it is not only airlines that need to perform accounting with their subsidiaries, blockchain applications in the aviation industry are on the rise, mainly due to the lack of complete digitalization in the industry. Currently, some widely adopted digital cases include airline loyalty points, blockchain tickets and aircraft parts.
In 2018, KLM's parent company, Air France KLM Group, and blockchain startup Winding Tree collaborated on ticket sales.
In addition, American Airlines computing data processing company Airlines Reporting Corp (ARC) leverages blockchain to increase transaction efficiency, thereby increasing airline profits. Prior to this, ARC and United Airlines conducted a proof-of-concept test for ticket sales reporting and settlement.
At the same time, the International Air Transport Association (IATA) promotes the development of digital identity among agents, airlines, aggregators and passengers through its IATA digital certificate authority. Last year, it also released a blockchain white paper that explored the potential and challenges of digital identity technology for the aviation industry.