Singapore Airlines will institute a blockchain-based digital rewards wallet | finder.com

Singapore Airlines will institute a blockchain-based digital rewards wallet

Peter Terlato 5 February 2018 NEWS

KrisFlyer is in the process of signing up retail merchant partners, initially in the Singapore market.

Singapore Airlines’ KrisFlyer frequent flyer programme will assist customers to trade their earned rewards for point-of-sale retail transactions through a new digital wallet app, created using blockchain technology.

The digital wallet was the result of successful proof-of-concept exercises carried out in collaboration with KPMG Digital Village and Microsoft. The wallet app will add and store redeemable “digital KrisFlyer miles”.

The app is expected to be rolled out in around six months, sometime in mid-2018. KrisFlyer is in the process of signing up retail merchant partners, initially only those located in the Singaporean marketplace.

Singapore Airlines chief executive Goh Choon Phong claims that the digital wallet is a “world-first initiative” for an airline loyalty programme and for security reasons, will be enabled using SIA-owned private blockchain.

“This groundbreaking development in which we will be using blockchain technology to ‘digitalize’ KrisFlyer miles is a demonstration of the investment we are making to significantly enhance the digital side of our business for the benefit of our customers. It is in line with our recently unveiled Digital Innovation Blueprint, under which we aim to be the world’s leading digital airline,” Goh Choon Phong said.

How the blockchain is revolutionizing the money transfer industry

Singapore Airlines isn’t the only carrier to research and consider the application of blockchain technology. Air France KLM engineering and maintenance has been experimenting with the possibilities of blockchain via its MRO Lab, Aviation Today reported in October 2017. Air France KLM business unit director of innovation James Kornberg said his team is pursuing business cases for the use of blockchain to improve maintenance processes.

“The use case has to be realistic,” Kornberg said. “The four features of blockchain are resilience, traceability, integrity and disintermediation are well suited to the aviation supply chain.”

American multinational courier delivery service FedEx has revealed plans to integrate blockchain technology, joining the Blockchain in Transport Alliance (BiTA) to develop industry standards for transportation companies.

In October last year, tech giant IBM joined forced with blockchain startup Stellar Lumens and payments company KlickEx Group to enable high-speed cross-border payments for banks and other financial institutions.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Latest cryptocurrency news

Picture: Shutterstock

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.
Go to site