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Russian airline cuts trade operations from 14 days to 23 seconds

The Siberia-based S7 Airline and Russia’s Alfa-Bank start a blockchain platform for the automation of trade operations.

Alfa-Bank:

“Implementation of the blockchain platform ethereum opens the door for optimization of business processes for both the carrier and its partners. Speed of computation has revved up from 14 days to 23 seconds. Thus, the airlines don’t delay payment to an agent which receives the money shortly after the ticket is processed.”

Agents do not have to deal anymore with the termination payment security (TPS) typically used to eliminate the risk of non-payment. Automation of the procedures speeds things up and reduces the paperwork for the airline and the agent. Before drawing a payment, the new system makes sure there is a balance in an account.

Moreover, blockchain eliminates the human factor and boosts system reliability and transparency of trade operations.

Deputy CEO of IT Solutions at S7 Group Pavel Voronin:

“We have made the world’s first flight ticket purchase through an open api (application programming interface) blockchain to a bank. I’m sure that the system will soon be used by most companies globally.”

S7 Airlines is an airline headquartered in Ob, Novosibirsk Oblast, Russia, founded in 1992. As of 2008, it was Russia’s biggest domestic airline. Today, S7 planes take passengers to 87 destinations – both in Russia and internationally. S7 is a member of the Oneworld alliance from 2010.

And it’s a choice of RussiaFeed! 🙂

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S7 Airlines destinations

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