KLM Royal Dutch Airlines Adopts R3’s Blockchain Platform For Intercompany Settlement Process
As blockchain technology continues to make inroads into the airline sector, another key global airline enterprise has revealed a blockchain venture.
Renowned international airline company KLM Royal Dutch Airlines is implementing blockchain technology to streamline intercompany settlement procedure with its associate firms.
Air France and KLM Royal Dutch Airlines have entered into collaboration with Dutch software firm Unchain.io with the purpose of studying the likely advantages of blockchain technology for its business and in-house procedures.
After strong working relationship, Unchain offered KLM Royal Dutch Airlines with a strategic funding application on the basis of blockchain technology, built by popular enterprise level software provider R3.
The blockchain solution aims to streamline KLM’s accounting procedures and settlements by deploying R3’s Corda, an open-source enterprise level blockchain software developed to document, administer and harmonize information.
Dominique Vijverberg, a fintech expert at KLM Royal Dutch Airlines, stated that the firm revealed the venture after initial study by the company’s innovation subsidiary, the KLM Digital Studio.
KLM’s Digital Studio has been actively pursuing budding technologies such as blockchain, augmented reality and artificial intelligence as portion of KLM’s digital transformation plan.
Vijverberg stated that the latest strategic plan moves the company’s blockchain focus from trial to real applications.
Blockchain adoption is a widely seen development in airlines sector, offering a practical tool for payments, logistics and even booking.
Two years before, KLM Royal Dutch Airlines parent enterprise Air France-KLM collaborated with blockchain tourism startup Winding Tree for the purpose of minimizing crucial expenses for its customers by trimming third-parties with blockchain technology.
Winding Tree has entered into collaboration with several key international airline enterprises such as UAE’s Etihad Airways, Lufthansa and Air Canada.
Last year, Hong Kong’s front-runner airline Cathay Pacific launched the initial blockchain venture to handle unit load gadgets.