The blockchain technology has already proved its worth with the financial sector, and now it’s time to look at how else this revolutionary approach can benefit businesses worldwide. 

At first glance, it may seem that the travel industry wouldn’t benefit from using blockchain technology because the infrastructure, while still far from perfect, isn’t all that bad yet. 

However, when you think about it more closely, there are multiple advantages of implementing blockchain into the travel industry. The following article will look at how airlines can save millions by using blockchain technology in their day-to-day operations.

An Overview of the Current Airline Industry

Nowadays, air travel has become a crucial part of the economy as airports are often bustling and bustling with activity. More and more people are flying every year while simultaneously enjoying services at all-time high prices. 

The cost of operating an airline today is so high that airlines now need to sell out the maximum number of seats just to break even. One of the culprits in this equation is, unsurprisingly, our antiquated ticketing system that hasn’t really seen innovation in decades. 

Despite their best efforts, airlines are finding it increasingly difficult to keep up with increasing fuel costs and an overall global rise in aviation fares.

How Airline Companies can Benefit from Using DLT (Distributed Ledger Technology)

Blockchain development company can help airlines make use of DLT to save millions. Airline companies can utilize blockchain-based tickets in lieu of paper tickets for a more efficient and cost-effective ticketing process. According to KPMG, it is estimated that the aviation industry would see $8 billion in savings from implementing blockchain technology across all facets of their operations. Additionally, DLT creates an immutable record which makes it easy to track who was responsible for different transactions.

The Future of Blockchain in Aviation

Blockchain technology has gained popularity over the past few years because of its ability to significantly increase data security. This can provide airlines with a system that will have a built-in decentralization, creating an identity management system that is immutable and incorruptible. Blockchain development services are on the forefront of exploring this potential.

Why Should We Choose DLT?

DLT eliminates the need for intermediaries that control information on a given system. 

DLT is a chain of blocks where each block contains a number of transaction records, which are connected to the previous block by using encryption. The blocks are spread across multiple computers, making it virtually impossible to tamper with one without affecting the entire chain. 

With such protection, airlines can keep sensitive data secure from cybercriminals and regulators without having to place an exorbitant amount of funds into security measures or development. 

Some companies offer blockchain development services and blockchain development company who can design specific DLT infrastructure solutions for new applications that focus on protecting data security and decentralizing processing power.

Challenges for DLT Implementation in Aviation

DLT can save airlines millions of dollars each year. However, there are a number of challenges that must be addressed before DLT implementation can be a success in the aviation industry. It is important for the dapp development company to consider these challenges to create a successful pilot project and to prepare for general implementation in the future. 

Many stakeholders need to come together to facilitate DLT implementation on an enterprise level. The involvement of different companies within blockchain will help ensure adoption is smooth and secure while limiting complexity involved at launch time. 

The dapp development services has been essential in achieving blockchain integration across multiple industries including law enforcement, real estate, insurance and more.

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