Friday, July 28, 2017

Anna Lutskova — Russian airline cuts trade operations from 14 days to 23 seconds

Blockchain is here.
“Implementation of the blockchain platform ethereum opens the door for optimization of business processes for both the carrier and its partners. Speed of computation has revved up from 14 days to 23 seconds. Thus, the airlines don’t delay payment to an agent which receives the money shortly after the ticket is processed.”
Agents do not have to deal anymore with the termination payment security (TPS) typically used to eliminate the risk of non-payment. Automation of the procedures speeds things up and reduces the paperwork for the airline and the agent. Before drawing a payment, the new system makes sure there is a balance in an account. 
Moreover, blockchain eliminates the human factor and boosts system reliability and transparency of trade operations....


NeilW said...

Blockchain is nothing special. It's just a technology to eliminate middlemen and clearing houses.

Just as clearing houses before them were technology optimisations for the communication overload of networks, and collateral loads.

Blockchain gets rid of the communication overload of networks of contracts without requiring a middleman.

Matt Franko said...

Why don't they just use a credit card?