S7 Airlines, a member of the leading global aviation alliance Oneworld has recently disclosed that it was able to process $1 million USD using its new blockchain payment system during July.
S7 is the second largest domestic air company in Russia, and it is benefiting a lot with the new blockchain platform. S7 Airlines blockchain technology is backed up by Hyperledger Fabric Platform, an open-source technology that is used by some of the blockchains currently.
As per the official press release on July 30, S7 has seen tremendous growth in transactions on blockchain-powered sales network build in collaboration with Russia’s leading private bank, Alfa Bank. The positive figure for July is proof that Blockchain technology can help to boost business sales.
S7 Group’s sales director, Ekaterina Dmitruk stated:
“Thanks to this new technology, now it’s easier for our agents to work directly with the airline, which allowed us to expand our own S7 Airlines sales network. Within this year, we are planning to deploy first online agents, whose work would comply with the NDC standard, on the platform.”
S7 Airlines sold its first ticket over the ethereum-based private blockchain platform built after partnering with the Russian Commercial Alfa bank in July 2018.
Blockchain provided freedom to the airline to safely connect its ticket booking system to the banking system; this helped in speeding up the payment processing time and reducing the amount of manual processing mainly required.
The project indicates that blockchain “creates value and is mainly decisive for the B2B Market,” stated Pavel Ryazanov director of transaction business at Alfa Bank.
Nikolai Mukhanov, who is the executive director at S7 Techlab, stated that the platform has seen significant growth in the number of payments, which increased ten times from January 2019 and also seen an increase in the number of other automated processes. He said that credit for the platform’s success goes to the Hyperledger Fabric Platform.
As per the report shared by the crypto media outlet Forklog, S7’s blockchain platform has transacted a total of about $3.9 million in payments since January 2019.
In July 2017, Pavel Voronin, S7’s deputy CEO, ensured that the firm executed the world’s first flight ticket purchase via an API blockchain to a bank. Later in August 2018, S7 teamed up with state-owned oil giant Gazprom to implement blockchain-based smart-contracts to aircraft fuelling.