KLM Royal Dutch Airlines Applies Blockchain Technology To Facilitate Intercompany Settlements Proces
KLM Royal Dutch Airlines, the flagship global airline, is applying blockchain technology to facilitate intercompany settlements process with its subsidiaries, as blockchain technology increasingly gains traction in the airline industry.
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It has been reported that part of one of the world’s biggest airlines, Air France-KLM, Royal Dutch Airlines has partnered with Dutch software startup Unchain.io in order to explore the potential benefits of blockchain technology for its business and internal processes.
On February 25, the firm announced that after close collaboration, Unchain provided KLM Royal Dutch Airlines with a strategic finance application based on blockchain technology developed by major global enterprise software firm R3.
However, the solution intends to simplify KLM’s accounting process and settlements by implementing R3’s Corda, an open-source enterprise blockchain platform that is designed to record, manage and synchronize data.
Dominique Vijverberg, a fintech specialist at KLM Royal Dutch Airlines, said that the airline announced the project after initial research within the company’s innovation arm, the KLM Digital Studio.
As per the report, KLM’s Digital Studio has been actively exploring emerging technologies like blockchain, artificial intelligence and augmented reality as part of KLM’s digital transformation strategy.
Likewise, Vijverberg said that the recent strategic solution shifts the company’s blockchain focus from tests to real applications.
Thus, blockchain implementation has become a popular trend in airlines and the aviation industry, providing a handy tool not only for payments but also for booking and logistics.