Singapore Airlines to Introduce Blockchain-Based Frequent Flyer Wallet

KrisFlyer, the frequent flyer program of Singapore Airlines, today announced that it will launch a Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term-based loyalty points wallet for its members.

Discover credible partners and premium clients at China’s leading finance event!

The airline will launch the new app within the next six months. It will utilize a blockchain-based wallet.

The airline is focusing on offering a diversified service to its loyal members, and with this new wallet frequent flyers will be able to use the loyalty points with any of Singapore Airlines' retail partners by using the point-of-sale machines for everyday purchases.

Choon Phong, CEO of Singapore Airlines, said: “Innovation has been a key contributor to the success of Singapore Airlines since Day 1 and we are very excited about this world-first initiative, which will bring even more benefits to members of our KrisFlyer programme.”

The airline collaborated with KPMG Digital Village and Microsoft to test the proof-of-concept and is now partnering with Singapore-based retail businesses. It is also planning to include international retailers in the offer.

“This groundbreaking development in which we will be using blockchain technology to ‘digitalise’ KrisFlyer miles is a demonstration of the investment we are making to significantly enhance the digital side of our business for the benefit of our customers. It is in line with our recently unveiled Digital Innovation Blueprint, under which we aim to be the world’s leading digital airline,” added Mr. Phong.

Last month, Singapore Airlines announced that to remain competitive among its international rivals, it will invest “hundreds of millions” of dollars over the few years to improve its digital technology.

Meanwhile, other airlines are also exploring options to introduce blockchain-based technology in their day-to-day operations. Lufthansa Airlines from Germany and Air New Zealand partnered with Switzerland-based blockchain startup Winding Tree to develop blockchain-based travel apps for ticket distribution and to provide customers with better services.

Last year, Russia’s biggest airline, S7, partnered with Alfa-Bank, Russia's biggest private bank, to introduce blockchain-based ticket issuing system using the Ethereum Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Read this Term blockchain.

Singapore Airlines will develop its own private blockchain for its new services.