The Malaysian airline, AirAsia has recently announced that it is making plans to launch a cryptocurrency Blockchain technology-based rewards program.
The chief executive of AirAsia, Tony Fernandes stated that the company is converting its frequent-flyer rewards package to a cryptocurrency Blockchain technology platform known as BigCoin. This move is a part of their plans to improve the digital services of the airline while moving the company towards a secure and cashless system. Customers of the airline will benefit greatly from the system if it is implemented.
In an article published yesterday, Fernandes described the system and stated that customers could purchase seats, seat upgrades, in-flight meals and other services with BigCoin as well as their existing fiat currency.
Most importantly, the CEO told reporters that he sees the company introducing an initial coin offering at some point. Even though Fernandes didn’t provide a definite timeline. He, however, said that the token would be available within a few months or the ending of the year.
There are not sufficient details about whether the company is building its own Blockchain or using an existing platform. More details will be added as they become available.
Some other airlines are also following this path and considering Blockchain as a potential rewards program model. One of such airlines is Singapore Airlines.
Singapore Airlines have announced that it would be launching a private Blockchain for their frequent flyer program. However, it didn’t state if it will be making its own cryptocurrency or not.
Still, Singapore airlines stated that it had successfully finished a proof-of-concept project with Microsoft and KPMG. They also stated that implementing the system on a fuller scale could see the brand working with various merchants to help customers spend their miles wherever they go shopping or eat.