Indian IT solutions company Wipro Limited has developed a blockchain payment solution for Travacoin, a company specializing in an eponymous digital payment solution.
Wipro is a global information technology, consulting and business process services company. Its services encompass a number of areas, including software architecture, business intelligence systems, e-commerce, data warehousing, Internet access devices, network management, system administration, messaging systems, IT consulting and design. It is committed to creating strong blockchain communities while developing talent for building extensive technology expertise across multiple leading blockchain platforms, such as Hyperledger Fabric, Etherum, Quorum, Corda, Mutichain, Hyperledger Indy and Hyperledger Sawtooth.
Travacoin is a digital payment system which uses cryptocurrency to enable airlines to compensate and refund passengers proactively and directly. The payments will incentivize passengers to reinvest their windfalls in new flights and/or ancillary services with the original airline and/or with other airlines and retailers in the community.
Wipro said that it developed a blockchain solution that aims to fast-track payments during travel disruptions and optimize administrative overheads. Travelers will be notified of a delay or cancellation and refunded in Travacoin’s native cryptocurrency, which can be used to repurchase airline tickets, book hotels and avail other airport and travel related services. Travelers will also benefit from a significant reduction in the waiting time for compensation.
“Travacoin is a unique solution to a common problem faced by the airlines industry today,” said Brian Whelan, Chief Executive Officer of Travacoin. “With every delay, be it caused by a staff strike or a technology problem, comes an increasing number of claims from passengers. Airlines respond defensively, consequently losing customer loyalty as well as millions in hard currency along the way.”
Citing a recent study conducted by FTI Consulting, Travacoins said that the blockchain solution will save airlines between 20% and 40% of what they are currently paying passengers in cash and will also increase customer loyalty towards airlines through improved convenience during travel disruptions like airline delays.
“This solution offers airlines a cost effective way to reconnect with their passengers in a positive way, turning adversity into opportunity,” Whelan said. “As we expand, the plan is to grow the solution to encompass other payment and settlement functions, turning Travacoin into a unique payment solution for the entire travel industry. Wipro’s deep domain know-how of the industry processes, blockchain expertise, and ability to rapidly co-innovate and scale-up the solution has been critical to our success.”
Krishnakumar N Menon, Vice President – Service Transformation and Blockchain Theme Leader, Wipro Limited, said that they are encouraging blockchain innovation by actively engaging with firms focused on solving real-world business problems.
“It has been exciting to work with Travacoin to build an innovative industry-leading travel currency for the airline industry,” Menon said. The blockchain-based solution will help airlines optimize costs through the reduction of administrative overheads and facilitate quicker payments and settlements.”
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