Today Airlines Reporting Corp (ARC)
announced its first venture investment in blockchain startup Blockskye. Last year ARC settled $94.8 billion in ticket transactions between airlines and travel agencies for 295 million trips.
The two companies worked together last year on a Proof of Concept for United Airlines. “Our recent collaboration with Blockskye, a major U.S. airline, and one of their largest corporate accounts makes us optimistic that there are near-term use cases for blockchain that drive strategic benefits and pull these already close relationships even closer,” said ARC President and CEO Mike Premo.
Blockskye aims to use blockchain technology to help to make transactions more efficient and hence increase airline margins. The Blockskye website highlights the significant operating margin differences between airline intermediaries and aggregators (20-30%) compared to the airlines themselves (10-15%).
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