The Blockchain technology came to light when Bitcoin was launched and became significant all over the world with its enormous traction. It is the underlying technology on which digital transactions work using Bitcoin and other digital currencies such as Ethereum. While these cryptocurrencies have initiated innovation in the digital currency space, there are many other non-transaction related fields which can leverage the Blockchain technology for advancement and ease of operations.

Smart Contracts

• The aviation industry includes a large operational chain involving fields like airlines, aircraft manufacturers, airport developers, airport maintenance, ground handlers, travel agents, tourism companies, airline food services, and other industry suppliers who depend on each other for delivering their respective services to their line of customers.
• It takes a huge amount of efforts and communication to manage the deliverables, conditions, calculate pricing and payments.
• This is where the blockchain technology can streamline the procure-to-pay process through the application of Smart Contracts.
• It can avoid disputes, automate neutral data sources to confirm the delivery of the service & the conditions and eliminate the need for monitoring, reconciliation, invoicing and the settlement process.

Tokenization

•  Tokenization is the process of issuing a blockchain token that digitally represents a real tradable asset.
•  Tokenization of these assets can ease the accounting and reconciliation process and ensure that they are not being double spent, e.g. a voucher given to a passenger should not be spent more than once.

Provenance

• Tracking the status and location of valuable assets that change custody frequently within a short span of time such as cargo, passenger luggage, spare parts and even the aircraft can be a hectic process and involve lengthy paperwork.
•  However, Blockchain technology has the bandwidth to streamline it by offering a simple and easy way to record events such that it is immutable and tamper-proof.

Certification

• Blockchain can facilitate the certification process of individuals, equipment and other entities and in turn streamline the industry by maintaining high standards for safety and security.
• This certification can support the authentication process of the employees such as cabin crew, ground staff, pilots, security, etc and other partners across the operational chain such as ground handlers, fuel provider, maintenance provider, etc.

Digital Identity

•  Taking business in the digital space is becoming the usual standard in every industry as it increases the distribution reach.
•  However, it becomes challenging for the service providers as they require knowing the customer they are dealing with in order to analyse the associated risks with that interaction.
•  This is where Blockchain technology can streamline the process through digitised identity management solutions.

With the implementation of Blockchain technology, RayMach provides all the above services including:

•  Paperless Boarding,
• Easy & Secure Ticket Booking,
•  In-Flight Sales,
• Instant Payments - making transactions secure and eliminating all currency barriers,
•  Web Check-in, etc.

RayMach Technologies Pvt Ltd provides business consulting along with products and services tailored to the Aviation Industry. Thriving on the vision of optimising and automating business operations and processes, it emphasises the scope of improvement in different departments including crew management, flight management, engineering, revenue, etc. At a time when different airline companies are looking for solutions to fight COVID-19 and make travel safe again, we are providing technology-based solutions aimed at minimising human intervention and the scope of virus transmission.

To know more about how you can improvise your aviation business operations along with keeping in mind the profitability aspect, visit our website or drop us a mail at support@raymach.in & follow us on Facebook, Instagram, Twitter, & LinkedIn