Emirates Airlines has embraced blockchain and other advanced technology. It is moving forward with the implementation and looking to expand into new tech.
The world’s leading international airline Emirates revealed today its intention to make Bitcoin (BTC) a method of payment.
Dubai-based airline operating flights to over 130 international destinations will adopt Bitcoin and customers can pay tickets or other services using this digital asset.
Emirates Sees the Future
The strategy will also encompass the launch of nonfungible tokens (NFTs) and the integration of blockchain to the business’ operation.
In a media gathering hosted by Arabian Travel Market, Emirates Chief Operating Officer Adel Ahmed Al-Redha said that Emirates is looking for new talent to join the coming blockchain-focused projects and accelerate customers’ experience through the use of crypto, blockchain, NFT, and Metaverse technology.
According to Al-Redha, the underlying technology will be implemented to keep track of aircraft records while metaverse will digitalize the business operation and airline-related experiences in an innovative way.
“NFTs and metaverse are two different applications and approaches,” the COO explained. “With the metaverse, you will be able to transform your whole processes — whether it is in operation, training, sales on the website, or complete experience — into a metaverse type application, but more importantly making it interactive,” he added.
A Clear Path Forward
This move not only enhances the experience and lowers costs for consumers all around the world, but it also extends the technology’s legitimacy and reputation to other sectors and organizations.
The idea of Bitcoin adoption within the airline industry has been here for a long time but it was not until the pandemic, it has become widespread.
Emirates was not the first airline to embrace this largest digital currency. UATP member airline airBaltic has encouraged clients to pay tickets with Bitcoin since 2014.
The airline also leverages crypto payments of USD Coin (USDC), Binance USD (BUSD) and Gemini Dollar (GUSD). In Mach last year, Dogecoin (DOGE) and Ether (ETH) was added to the list of crypto payments of this brand.
Government acceptance is also an important factor in driving Bitcoin adoption.
Shortly after El Salvador made Bitcoin legal tender, in October 2021, President Nayib Bukele made the announcement that the country’s airline, Volaris El Salvador, will begin accepting payments in Bitcoin.
Blockchain’s Potential in the Airline Industry
While the aircraft industry is adopting and will continue to embrace cutting-edge technologies, there are still challenges regarding outdated and unreliable practices.
Pilots, for example, record their flight durations using ink and paper or computer spreadsheets. These logs lack protection and real-time validity, resulting in distorted timings.
Blockchain can provide a trustworthy system to store data and perform transactions that assure data integrity.
Many other parts of aviation, such as aircraft maintenance, passenger records, flying licensing, qualifications, and financial transactions, can benefit from this approach.
As a result, blockchain can provide a safe and secure method of processing and utilizing the many permanent digital documents required by the aviation sector.
Quality in the manufacture and distribution of aviation components and materials can be controlled more swimmingly and effectively with the use of blockchain technology.
Blockchain plays an important part in aircraft maintenance, aviation accident reduction, and baggage tracking.
NFTs and The Metaverse are Irresistible
Practical use cases of NFT in the aviation sector may be new, yet many major participants in the industry are making concealed observations and advances are most likely taking place behind the scenes.
What could NFTs and The Metaverse mean for the airline?
NFTs can benefit help create virtual tickets and loyalty programs. Imagine an airline ticket in NFT format that has all of the details of your flights; you can easily get the information with a single click.
How about limited NFTs for exclusive flights?
The use of NFT will assist airlines in developing alliances by allowing their partners to sell tickets in real time.
Loyalty programs may also benefit from NFT and blockchain since travelers can quickly monetize and utilize their points as currency.
Everywhere one looks – blockchain is popping up!