Blockchain technology has captured the imagination of companies across industries, including airlines. Using robust cryptographic techniques and a distributed messaging protocol, it creates shared ledgers that decentralize reconciliation-based processes.
Unlike traditional data technology, blockchain technologies are consistent and durable, shared and mutualized, and protected at the data element level. So how can airlines cut through the buzz and use this technology to change the way they do business?
More than currency
They can start by moving past common misperceptions. Not surprisingly, the uninitiated confuse blockchain with Bitcoin. The reality, however, is that the blockchain is the technology of Bitcoin, without the coin. It is capability, not currency.
Blockchain technology elegantly transfers and tokenizes value. Expanding the definition of value shows how many ways the blockchain can be applied. There is the exchange of direct financial value. However, there is also the exchange of indirect financial value—the business, operational and customer experience value that comes from moving data across an enterprise or ecosystem.