Joint efforts of S7 Airlines and Alfa-Bank have brought to life an Ethereum blockchain-based platform intended to sell airline tickets, writes Alfa-Bank in a press release.
The introduction of Ethereum blockchain-based payments system has allowed to speed up the payment processing procedure from 14 days to 23 seconds. As a result, S7 Airlines receives funds immediately without providing the agent (Alfa-Bank) the deferment of payment. Alfa-Bank is also in a winning situation, as there is no need to draft a standard guarantee in case of non-payment.
Blockchain not only reduces the document workflow but also improves the security of transactions alongside their transparency. All money transfer operations and payment status updates are completed automatically.
“There is a demand for the technology, so we are planning to continue working in this direction. We will collaborate with S7 Airlines and other partners of the bank that will choose to integrate blockchain,” Alfa-Bank’s representative Petr Zubritskiy said.
S7 Airlines also wants to add settlements with suppliers of services to the platform.
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