The Siberia-based S7 Airlines has teamed up with Russia’s Alfa-Bank to start a blockchain platform for the automation of trade operations.
The new technology simplifies payments and has quicker settlement times between airlines and agents. The process that used to take two weeks can now be done in seconds.
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“Implementation of the blockchain platform ethereum opens the door for optimization of business processes for both the carrier and its partners. Speed of computation has revved up from 14 days to 23 seconds. Thus, the airlines don’t delay payment to an agent which receives the money shortly after the ticket is processed,” Alfa-Bank said.