Indian IT firm has launched a blockchain based solution, Chain-m. The blockchain based solution is aimed at transforming the problems encountered by aircraft and their partners in the downstream settlement process.
Blockchain-based Solution; Chain-m
Blockchain techs importance to the society seems to have no end. The technology continues to revamp every facet of the human society. It has seen the application in the financial sector, healthcare sector, academic, marriage, supply chain, and many others.
The latest blockchain solution from NIIT, an Indian IT education center is bringing more and exceptional qualities of the technology to transform the aviation industry.
The Chain-m blockchain solution is to address the difficulties encountered by aircraft and their partners in the downstream settlement process. This will make transactions in the aviation sector more simplified in the purchase of air tickets as it fortifies and enhances the bond of trust in the industry.
Chain-m will function in giving a straight and classified view for organizations and travel agencies. The distributed transmission of the solution provides visibility of all activities on all transactional background.
The collective audit it gives via its visibility decreases cost as noted by NIIT technologies through high information protection permitted by the blockchain solution. Further, the transparency and the permanency offered by the blockchain solution reduces instances of legal actions.
Notably, Chain-m possesses a web-based UI and also an intuitive dashboard that integrates the weekly total of the quantities of the tickets sold, the aggregate sum, the fair amount, commission, agency debt reminders/agency credit reminders, the amount of taxes and the payment to the agencies by the airline.
The Hyperledger Fabric and utilizations Chaincode aids this appropriation registry – an agreement comprising of business rules that judges conflicting data and run until certain conditions are met. With this impressive features, Chain-m helps carriers and their partners to address the problems of loss of income, the absence of trust and also maintain integrity.
The Transformation leader, Travel and Transportation, NIIT Technologies, Anil Batra, noted that the leverage of the firm expertise and the experience garnered in the emerging space of blockchain technology has made them drive real businesses, impacting their clients. He further noted that Chain-m is the first to use the blockchain technology to solve the menace of the aviation industry.
NIIT technologies is an Indian firm tech renowned for innovation in IT solution by giving its clients the best business solutions with excellent touch. The firm is focused on improving tech in the banking and financial services, insurance, travel, and transportation.