The current year has not been kind to the travel and aviation industry. According to media reports, most aviation companies are still struggling to recover the losses they have incurred during this period. The travel restrictions and ban that have been imposed by the government to stop and contain the spread of the COVID infection has cut down the number of travelers by more than 50%.
The biggest airline agency in the world, American Airlines, is also making some changes to improve its approach and recover from the economic shock ASAP. American Airlines have recently signed up a partnership deal with a DeFi platform called Winding Tree. Winding Tree is built on top of the Ethereum network, and it functions as a decentralized travel agency.
The biggest perk that comes with the partnership with Winding Tree is for corporate travelers. These commercial travelers will be able to book flights with American Airlines through Winding Tree without going through any middlemen. Neil Geurin, the managing director of American Airlines, told the media that the decentralized booking of flights is a smooth process.
The new setup allows the airline agency to grant access to their clients without having to deal with any third parties. On the other hand, the travelers will also have the option of booking a flight without having to pay heavy commissions and experiencing any delays.
Airline Industry and Blockchain Technology
Sita is an air transportation technology provider that recently published a report about aviation corporations leaning towards blockchain technology. The report by Sita estimated that since 2020, around 59% of airline agencies have started to explore blockchain-based solutions for improving their internal procedures.
Likewise, management consultancy firm Accenture shared a report in 2018 that 86% of all major aviation and aerospace technology development organizations, including defense companies had plans for implementing blockchain technology for the upcoming innovative phase. Considering these facts, it is no wonder that the cryptocurrency markets have been able to generate such a massive amount of revenue during the current year.