An Airline Just Started Using Ethereum Blockchain to Issue Tickets – Futurism

In Brief On Monday, Russian airline S7 began using a blockchain platform for their ticket sales. The move is evidence of both Russia's interest in the technology and a worldwide shift toward a future supported by blockchain.

Russian magazine Kommersanthas reported that the airlineS7began selling tickets using an Ethereum blockchainon Monday. The countrys largest private financial institution,Alfa-Bank, is supporting the move, which was made to simplifypayments and decrease settlement times between airlines and agents a process that usually takes two weeks.

The decision may have been made to get ahead of another Russian airline, Aeroflot, which recently released a request for proposals on how to incorporate cryptocurrencies into their own services.

S7s decision to utilize Ethereum represents two wider trends in the world of blockchain. First, Russias interest in the technology. This is reflected by the central banktesting an Ethereum-based blockchain systemand Vladimir Putin optimistically announcing that blockchain is essentially the foundation for creating brand new business models at the St. Petersburg Economic Forum.

Second, the move shows a worldwide increase in the integration of blockchain into everyday transactions. The system has been adopted by shipping companies such as Maerskand retailers like Walmart to keep track of shipments, and if S7s integration is successful, citizens outside of Russia could soon find themselves booking their own travel on the blockchain.

Disclosure: Several members of the Futurism team, including the editors of this piece, are personal investors in a number of cryptocurrency markets. Their personal investment perspectives have no impact on editorial content.

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An Airline Just Started Using Ethereum Blockchain to Issue Tickets - Futurism