IBM teams up with Further Network to transform payments in MENA travel industry

Friday 15 February 2019 00:17 CET | News

IBM partner SevenGates has been working with Further Network a blockchain startup in Turkey to build a blockchain based payment and settlement platform for a travel agency.

The startup’s P2P collaboration technology makes it possible for the travel agencies to reclaim the control of their cash. The issues caused by the current trust-management process between airlines and travel agencies are being solved by Further Network, which allows real-time transactions, keeping disputes down.

The collaboration aims to provide a solution to Airlines, Agencies, Hotels and travel service providers to solve their Billing, Settlement, and Payment (BSP) issues while removing the 3rd parties and completing BSP in real-time through our Autonomous Smart Travel Ecosystem, according to the startup’s representatives.

From the travellers’ perspective, by tokenizing the tickets through Smart Travel Record (STR), they can customize their flight tickets or even change and sell them. Future Network will be launching their passenger wallet with Biometric ID in Q1 of 2019, and in Q2 will be launching their Peer-to-Peer (P2P) Travel Product Distribution.

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Keywords: IBM, blockchain, payments , tokens, settlement, travel industry, SevenGates, Further Network
Countries: World