Digitalisation: cryptocurrency, AI and private jet chartering – Airport Technology

BitLux employees also physically travel to meet with the companys network operators to ensure BitLux flights operate efficiently.

Kyle Patel, executive director of BitLux, says: As far as I know we are the only people in the brokerage position that have regular structures, industry specific training on logistic handling and networking. Our guys are specifically trained on international logistics but our sweet spot is on heavy cabin international trips which is one of the big things that separates us from other companies.

BitLux suggests that the use of cryptocurrency for private jet charter ensures top tier safety and security. This includes secure, anonymous and convenient payment.

The company encountered a customer who needed to fly from the Caribbean islands to Europe and was unable to complete a bank transfer. The customer did not have a credit card that could withstand the cost and being able to make meetings was vital to his operations but he did not have a solution.

However, he had the digital cryptocurrency Bitcoin which inspired the idea that cryptocurrency could be the solution to many peoples dilemmas.

Patel says: From my position, I dont think that the use of cryptocurrency in the private jet industry is unique or philosophical.

I think that the core values of cryptocurrency align almost perfectly with private aviation in the fact of freedom, privacy, efficiency, detail and expedience. Its very difficult for anything to be wrong or impossible in the crypto space on a well-built platform.

I believe that this being raised in aviation is what aviation is about being able to provide a level of freedom, security and control over where you are at, when you are there. The concepts of crypto arent foreign or unique, they are just embodied in a name.

The company also highlights its online quoting tool which allows clients to send their requested flight details to its charter department to check availability and quotations.

Eventually, it is expected that there will be an increased presence of AI in the aviation industry. Patel suggests that AI will understand scheduling.

Patel says: Thats going to be communication between consumer and aircraft. Itll be able to understand schedules, not take the place of scheduling but understand schedules. I see this happening in the next five years. Hopefully some of our vendors and counterparts will take a step forward in the scheduling aspect.

Companies in the private jet space would be able to query their own internal systems, without having to do problem solving. They could take a number of requests that will automatically get approved through scheduling and then go through an AI supervisor for approval.

BitLux is working on consumer facing language model AI. Patel is curious about whether people will prefer working with AI or human beings on charter requests and information on upcoming flights.

Within the private aviation sector, customers are older than the typical population. There is a gap between the age group and the technology that is being used.

Ive been doing a ton of research on how these language models interpret data that isnt direct conversational language and then being able to translate that data and putting it into a readable, eloquent presentation of information.

I think theres a long way to go mostly because of regulations. I will certainly say that the last place you want to have any kind of issue or mistake is in aviation. That is not a good place for a testing ground. Closer integration with AI will come in the form of mostly language models, consistent data, analytics models and projection models for things like air traffic control, maintenance and crew scheduling.

Although there may be some who are hesitant to accept the likelihood of AIs influence on the aviation industry in the future, there are clear benefits.

However, Patel notes that it is important for regulatory agencies to be in the right place to come up with control structures to ensure accuracy of information.

The thing with aviation is that everybody, from ground crew to air traffic controllers, they need to have the most accurate and up to date information possible.

If people have reservations about utilising AI, a computer can digest, understand and regurgitate information a million times faster than humans can imagine. That is something that we can harness or it can go the other way. Someone will develop this whether we are on board or not, adds Patel.

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Digitalisation: cryptocurrency, AI and private jet chartering - Airport Technology