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Russian Airlines S7 starts using Ethereum blockchain in Live Production

Jul 27, 2017 Posted /  2772 Views

Russian Airlines S7 starts using Ethereum blockchain in Live Production

Russian Airlines S7 starts using Ethereum blockchain in Live Production:

The S7, which is considered to be the largest domestic Airlines of Russia has started using the Ethereum blockchain for the selling of flight tickets from 24th July 2017. The project is done in collaboration with the largest commercial bank in Russia, the Alpha-Bank.

Due to the use of blockchain technology, customers will be able to get the transactions completed in a very short time rather than waiting for 2 weeks as in traditional transactions. The Ethereum blockchain provides a large number of features like smart contracts, fast transactions, increased security, decentralization, etc which all benefits the company as well as the customers a great deal.

S7 Airlines and Alpha-Bank had started doing their test payments during December 2016 and had made the collaboration last year itself. The S7 Group Deputy General Director, Dmitry Kudelkin stated about this as follows:
"We traditionally use the most advanced solutions and technologies not only in the development of services for passengers but also in business development. This transaction allowed us to test the efficiency of smart contracts and to understand how this technology allows us to optimize business processes and increase the efficiency of document circulation. We plan to continue cooperation with Alfa-Bank in this direction."

The S7 Airlines manages almost 70 fleets around some 80 destinations all around the world. And they handle a large number of transactions in things like ticket selling, supply purchases or employee payments. They have integrated many of these financial transactions with the Alpha-Bank with the aid of blockchain technology. There are a lot of advantages in using the Blockchain technology for managing the financial transactions of a company particularly having a large number of users and especially when there are new users who don't trust each other yet.

The blockchain technology helps to improve the speed and transparency of all the transactions carried out by the company. The financial interactions will be a lot simpler, transparent, faster and cheaper if you are using the blockchain network and also it helps the company to gain more participants like banks, customers, counterparties, etc.

The announcement of the S7 Airlines about the use of Ethereum platform for their financial transactions is made at the same time when Russian government is appreciating and started supporting the industry of crypto currency. Recently there was a meeting that happened between Vitalik Buterin, the Founder of Ethereum blockchain and Vladimir Putin, the President of Russia who supported the idea of Ethereum forming partnerships with different companies of Russia.

All these clearly points out that, there will be many cryptocurrency related efficient projects coming from Russia in the coming years with the support of the Government and through the effort of many efficient Russian companies.

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Tags: s7 airlines s7 airlines russia ethereum s7 airlines

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