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Cathay Pacific has risen to the blockchain market with a varied blockchain technology designed by their technology partner, Accenture, to optimize their Asia Miles Mobile App. With the rising digital economies and businesses that are employing blockchain, evidently the scope for several technological improvements had been imminent,
Cathay Pacific Airways Limited, the flag carrier of Hong Kong and also one of the founding members of the Oneworld alliance. Cathay Pacific Airways Limited is an award-winning and globally reputed airline, winning the “World’s Best Airline” award four times and has consistently ranked among the best airlines in the world.
As a part of one of their loyalty program, Cathay Pacific offers a loyalty program for their best frequent flyers known as Asia Miles, Asia Miles allows members to earn Air miles whenever they shop, dine, travel or stay with their 700+ partners.
The Mobile app (Asia Miles) features a varied blockchain technology developed by Accenture which refines their Asia Miles dining promotion in Hong Kong, the application will automate data management and allows a transparent transaction history between Cathay Pacific and the Asia Miles partners.
With the launch of the ‘Unlock More Miles’ platform, the Cathay Pacific Group will issue air miles to customers over a single distributed ledger that will enable customers, the airlines’ partners and the airline manage member rewards in real-time, this platform is designed seemingly as a game to allow the customers to indulge in dining at any Asia Miles partner restaurants at the quest of earning more air miles.
The flair of its design is that it improves business efficiency and it minimizes back-office administration, as explained by the airline administrations.
Also, by utilizing the blockchain technology, the Cathay Pacific Group and Asia Miles are providing the Asia Miles partners a single data source when managing account activity.
Comprehensively, this allows the Asia Miles, Asia Miles’ partners and their members a near real-time ability to manage rewards.
Although Cathay Pacific’s implementation of blockchain technology happens to be trailing its rivals, yet it’s an inevitable development, while chief rival Singapore Airlines had already announced its own blockchain-based loyalty wallet application earlier this year, and that’s developed in partnership with technology partner Microsoft.
Asia Miles CEO, Stephen SY Wong, said: “Asia Miles aims at improving member experience with blockchain technology through gamified miles earning and faster miles crediting.”
Also, another southeast Asian airline Air Asia have announced their own rewards program which will feature a new cryptocurrency called “Big Coin.” The firm is also considering holding an ICO to fund the development of a new financial services wing.
Also, notably, German airline giant Lufthansa had recently partnered with a Swiss Blockchain start-up Winding Tree for re their travel industry by incorporating the decentralized Ethereum blockchain technology.
Therefore, it’s seems quite obvious that even succeeding forward there will be an increasing trend in the administrations and financial organisations that would implement the use of blockchain technology to enhance their businesses.
“Blockchain is helping industries across the globe to transform their workflows, making complicated business processes run more smoothly and added, including enabling quick and seamless transaction settlements,” said Peter Yen, a managing director at Accenture.
As the Cathay Pacific Group pursues new technology, the use of blockchain is expected to define the future of business using a transparent and secure transaction database.