Lufthansa Introduces Blockchain Challenge in Aviation Industry
Blockchain technology is hitting new horizons and in order to keep up the game and initiate its usage in the aviation sector, the SAP.io Berlin Foundry and Lufthansa Innovation Hub have teamed up. A couple weeks back, they announced the cooperation through a blog post and stated, that the aim is to explore the challenges with a hope to find potential opportunities in the airline industry were blockchain technology could be of help. LIH believes that by initiating this program, they will be able to create a thrill throughout the industry and every airline would be keen to overtake one another in terms of blockchain infrastructure.
So far, a lot of focus for blockchains has been laid to improve the financial infrastructure, particularly where online payments are required, to bring transparency, automation, immutability an efficiency. However, in their recent blog post Lufthansa mentioned the true potential of blockchain remains unexplored since the related industries do not run on the same data structure as the financial sector. This is quite understandable and one of the primary reasons why they have invited an array of entrepreneurs from across the Globe to create and maintain a scalable blockchain environment. Not only does it aid in giving an entirely new perspective to the industry, but it might also make payments more efficient by linking up the aviation and financial sector. Inviting world-renowned tech geeks also gives Lufthansa a great deal of publicity, something the company requires these days.
A board member of Lufthansa group said blockchain happens to be a game-changing technology and since it has proven its usefulness in recent years, the company is continuously reshaping and refining digital strategies to provide more opportunities in the industry. He said that since entrepreneurs and technology experts have been invited from all over the World and SAP has partnered up with them, Lufthansa aims to be the world leader in providing the best blockchain based aviation solutions. Deepak, CSO and Executive Vice President of SAP, said golden words for this futuristic partnership that has the potential to change the landscape of aviation. He further mentioned that aviation is not the only focus, but this partnership aims to establish itself as a role model for reshaping the entire travel industry.
Essentially, the aviation industry has three main stakeholders and as of yet, all of them face challenges. Therefore, the entire program is divided into 3 major sections to guarantee an efficient running of the venture. These categories are the following: Airline Challenge, Supplier Challenge, and the Traveler Challenge.
As the names suggest, the Airline Challenge aims at creating and promoting solutions that would potentially diminish the errs in day to day airline operations. The traveler challenge focuses on the overall user experience and how to make it better, while the supplier challenge is concerned with encouraging ideas that would boost up the transparency of supply chain maintenance.
Featured Image via BigStock.