People who frequently travel with Singapore Airlines will soon be able to spend their accumulated airmiles by using blockchain technology, according to Reuters.
Speaking on Monday, the airline company confirmed that it is working on plans to implement a blockchain-based system to handle frequent flyer spending.
In around six months, customers of the company's KrisFlyer loyalty scheme will get access to a blockchain digital wallet app where they will be able to splash their airmiles.
The airline confirmed that the app will initially be available in Singapore, but it is likely to expand it to other countries in time. It is currently signing up retail partners before the wallet launches.
In a statement, Singapore Airlines explained that it is developing its own private blockchain system, which will be used by merchants and partners.
Addressing a crowd of industry experts and bosses at the Singapore Airshow Aviation Leadership Summit, CEO Goh Choon Phong said: "I think we are the first airline to do it."
This news comes as the company is planning to plough hundreds of millions of dollars into improving its technological infrastructure over the next few years.
Last month, Singapore Airlines explained that it is working on a broad digital transformation plan to improve efficiencies, capitalise on new opportunities and compete with rivals across the globe.
In January, Reuters quoted Goh Choon Phong as saying: "Competition has become much more intense and we are very mindful that we need to reinvent ourselves and find new ways to distinguish from others in order to stay ahead of our competition."
Airlines such as Lufthansa and Air New Zealand are already investing in blockchain. In 2017, they formed a partnership with Swiss firm Winding Tree to create blockchain travel software.
The companies said the apps will be aimed at transforming the way people buy tickets and access travel services. Germany-based tourism company TUI is also working on a blockchain-powered hotels booking system.
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