Air NZ, Swiss travel platform Winding Tree in blockchain tie-up

Air NZ said Wednesday it has teamed up with Swiss travel start-up Winding Tree to explore applications based on blockchain technology that could help the national flag carrier of New Zealand improve the efficiency and security of services such as booking and baggage tracking. Blockchain, a digital ledger of transactions that has underpinned the virtual currency bitcoin, has permeated every aspect of the business and financial landscape. Almost all global corporations in the world has some sort of blockchain initiative. The New Zealand airline also said it is investing in Winding Tree’s token sale slated for January next year. Air NZ did not disclose how much it intends to invest. Token sales or initial coin offerings have become a way for start-ups in the blockchain space around the world to raise funds quickly and without regulatory oversight. Air NZ chief digital officer Avi Golan said the airline is looking at a number of potential blockchain uses such as cargo and baggage tracking, retail, distribution, and loyalty program opportunities. “While we are still exploring its benefits, blockchain may offer a streamlined way to retail airfares and ancillary products alongside our current channels,” said Golan. In making the sales process less complex, Air NZ customers can benefit from reduced transactional costs, while the airline can take advantage of the swift and secure sharing of information, he added.<br/>