Russian Airline S7 issues tickets using blockchain tech

Wednesday 26 July 2017 10:11 CET | News

S7, a large Russian airline, has announced issuing passenger tickets on a blockchain with support from Alfa-Bank.

CoinDesk reports that according to a local report by the media outlet Kommersant, the airline S7 and its ticketing agent S7 Ticket reportedly began the sales on the Ethereum blockchain mid July 2017, with assistance from the large Russian private banking institution.

The platform is designed to reduce settlement times between the airline and the agent, which today take around two weeks. Furthermore, it aims to streamline the payment process by deducting the agent commission automatically after ticket sales to reflect the final receipt. The report does not specify whether the platform is built on a private or public version of Ethereum.

Previously, S7 Airlines and Alfa-Bank were reported to be exploring the use of smart contracts in tracking letters of credit.

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Keywords: Airline S7, Alfa Bank, blockchain, cryptocurrency, Ethereum, distributed ledger, Russia, ticket issuing
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: World
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Blockchain & Cryptocurrencies

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