KLM Royal Dutch Airlines Uses R3’s Blockchain for Financial Processes

Flagship global airline KLM Royal Dutch Airlines is using blockchain to facilitate intercompany settlements process with its subsidiaries.

As blockchain technology increasingly gains traction in the airline industry, another major international air company has announced a blockchain project.

Flagship global airline KLM Royal Dutch Airlines is applying blockchain technology to facilitate intercompany settlements process with its subsidiaries.

Part of one of the world’s biggest airlines, Air France-KLM, Royal Dutch Airlines has partnered with Dutch software startup Unchain.io in order to explore the potential benefits of blockchain technology for its business and internal processes.

KLM’s Digital Studio was actively working on blockchain in recent years

After close collaboration, Unchain provided KLM Royal Dutch Airlines with a strategic finance application based on blockchain technology developed by major global enterprise software firm R3, the firm announced on Feb. 25. 

The solution intends to simplify KLM’s accounting process and settlements by implementing R3’s Corda — an open-source enterprise blockchain platform that is designed to record, manage and synchronize data.

Dominique Vijverberg, a fintech specialist at KLM Royal Dutch Airlines, said that the airline announced the project after initial research within the company’s innovation arm, the KLM Digital Studio. 

As reported, KLM’s Digital Studio has been actively exploring emerging technologies like blockchain, artificial intelligence and augmented reality as part of KLM’s digital transformation strategy.

Vijverberg said that the recent strategic solution shifts the company’s blockchain focus from tests to real applications.

Blockchain takes off with major airlines 

As reported by Cointelegraph, blockchain implementation has become a popular trend in airlines and the aviation industry, providing a handy tool not only for payments but also for booking and logistics. 

Back in 2018, KLM Royal Dutch Airlines’ parent company Air France-KLM partnered with blockchain travel startup Winding Tree in order to reduce major costs for its clients by cutting out intermediaries with blockchain tech.

Winding Tree has become a partner of a number of major global airline companies including United Arab Emirates’ Etihad Airways, Air Canada, and Lufthansa.

Hong Kong’s flagship airline Cathay Pacific reportedly introduced the first blockchain project to manage unit load devices last year.

from Cointelegraph.com News https://ift.tt/3cgseRv