Singapore Airlines Launching Blockchain-Based Frequent Flyer Wallet

Blockchain technology seems to be the season’s hottest buzzword. And yet, far too much of the focus has been on the digital currency trading markets, as unbelievable spikes in value have led to profits for early investors. The technology behind these digital currencies, however, has the potential to be an absolute gamechanger for the way many companies handle their transactions and interactions with their clients.
Singapore Airlines realized the potential in this new technology and so developed a blockchain-based loyalty program, giving their customers and partners security and the freedom to spend their miles in more ways than ever. The KrisFlyer loyalty program, which previously only allowed for point redemption with the airline, either for flights or through offers with partners, will now allow customers to spend their points just like cash on everyday purchases from partnering retailers.
Singapore Airlines will be launching a mobile wallet to hold points in the coming months. Once a customer’s points reach the wallet, they then act as a digital currency that the customers can spend wherever it is accepted. This results in a win for all involved. The customers can use points earned through using Singapore Airlines to buy a variety of everyday items, which in turn encourages them to return to the airline whenever they travel.
While AirFrance has previously investigated utilizing the technology to track and analyze their supply chain, Singapore Airlines is the first company to actually turn to distributed ledger technology in order to pass along loyalty program savings to their customers. If successful, these innovations could prove instrumental in making the blockchain a core element of our societal makeup.
TUI, for instance, is a hotel and tour operating company that is bit by bit moving its entire operation onto the blockchain. Since blockchain technology relies on smart contracts that record and store information in a completely decentralized way, TUI is able to open up possibilities that aren’t available elsewhere unless customers are willing to give up personal information to centralized companies. According to TUI CEO Fritz Joussen, rather than simply booking a room at a hotel, blockchain contracts will allow for a simple method of booking a specific room without any human intervention. In addition, utilizing a decentralized technology like the blockchain lowers the barriers to entry that are so high in the travel industry.
Singapore Airlines believes that innovations like theirs, as well as that of TUI and AirFrance, will lead to higher customer engagement and market expansion. They will begin rolling out their KrisFlyer blockchain loyalty program in the Singapore market, and if successful, you might expect to be spending some of their miles at a local coffee shop in the near future.

Follow us on social media for the latest updates in B2B!

Image

Latest

disaster recovery
Edge AI is Revolutionizing Disaster Recovery with Speed and Precision
April 22, 2024

Edge AI is revolutionizing disaster recovery by bringing processing power closer to the front lines, where rapid response and real-time data are vital. At the Pacific Northwest National Laboratory, researchers are harnessing AI to predict and manage natural disasters more effectively, providing first responders with tools that could save lives during events like wildfires […]

Read More
sustainable building practices
Galvanized Steel Leads the Way in Sustainable Building Practices From Cost Savings to Environmental Benefits
April 22, 2024

As the construction industry navigates the complexities of sustainability and economic pressures, the role of galvanized steel has become increasingly pertinent in sustainable architecture. This material, celebrated for its durability and low environmental impact, is gaining attention amid global steel market fluctuations and rising demands for sustainable building practices. With significant shifts in manufacturing […]

Read More
Edge AI
The Winning Combination in Edge AI is Combining Cutting-Edge Hardware with Smart Software
April 22, 2024

As the world heads towards a technology-driven future, the integration of AI and edge computing is proving to be a game changer, particularly in the realm of IoT. These innovations are making it possible to process and analyze data where it’s collected, drastically reducing latency and enhancing real-time decision-making capabilities. The burgeoning field of […]

Read More
cloud environments
Rethink Everything: Modern Cloud Environments Demand a Fusion of New Security Architectures, Continuous Education and Educated Partnerships
April 22, 2024

As businesses increasingly transition to cloud environments, the conversation around cybersecurity has become more crucial. The shift from on-premise to cloud-based infrastructures offers notable benefits like scalability and cost savings, yet it introduces unique challenges and complexities in security management. The stakes are high, with a significant rise in cyber threats exploiting the vulnerabilities […]

Read More