A group of Latin airlines wants to optimize their sale and purchase ticket processes through blockchain technology. Venezuelan airline Conviasa will start to accept crypto assets, mainly the CBDC Petro, as a payment method.
Various businesspeople recently expressed their interest in blockchain technology at an event organized by the Latin American and Caribbean Air Transport Association (ALTA). Latin American airlines want to improve their travel and ticket services through this technology.
Santiago Balbi, the legal advisor of ALTA, organized the forum to assemble the most prominent airlines in the region. He aimed to introduce the use of blockchain technology in their ticket pre-sale services.
Francisco Vigo, the CCO of TravelX, talked about the possibilities of optimizing their ticket sale and purchase processes. He also mentioned traceability and the improvement of the services offered by airlines.
Some Latin American Airlines Already Use Blockchain Solutions
TravelX is a pioneering company that offers blockchain solutions to the airlines operating in the region. However, it goes beyond that as they also hope to revolutionize the travel industry. They seek to optimize sales, post-sale processes, and reservations by distributing their tickets as NFT tickets.
Vigo believes any airline may offer its customers a better and more flexible product, improving its efficiency. He said that this would guarantee traceability and income by configuring smart contracts.
Other Latin American airlines include Volaris, which began accepting cryptocurrency payments at the El Salvador terminal. According to the media, the airline is considering receiving cryptocurrencies as a payment method in many more services.
Enrique Beltranena, the CEO of Volaris, thinks this allows them to increase the flight offer for Salvadoran citizens. Besides, it is the first airline to accept Bitcoin worldwide, and people can use the Chivo wallet.
The executive explained that El Salvador had its best economic growth in 1992, with a rise of 6%. In that regard, he said that the Central American country achieved 9% in 2022. It is relevant to remember that it became the first nation to adopt Bitcoin as a legal tender last year.
The Blockchain Technology Also Attracts Other Airlines Worldwide
Smart contracts will allow users to streamline the return and refund process, becoming an automated system with few failures. Spanish airline Air Europa is also interested in using blockchain technology to improve its services.
Air Europa developed an NFT ticket sales and inventory management system in the sector, earning recognition for its early technology adoption. Venezuelan airline Conviasa also announced it would accept payments with cryptocurrencies for its tickets, mainly the CBDC Petro (PTR).
The use of cryptocurrencies and the technology behind them have become increasingly relevant in the economic system worldwide. Airlines, among other industries, have sought opportunities to incorporate the use of crypto assets as a method of payment for their services.
Meanwhile, Bitcoin (BTC) is trading at around 19,200 and has accumulated a 3.7% loss over the last 24 hours. While its trading volume is above USD 40.05 billion, its market capitalization is about USD 367.79 billion, according to CoinGecko.
By Alexander Salazar