Volavia, the private aviation technology company, announced Tuesday that it has developed a blockchain-based platform for private air travel. Also known as Volavia, the platform makes the management of booking very efficient and easy as smart contracts enable it.
Apart from managing booking, the firm also uses smart contracts to manage itineraries and payment details over the blockchain. As a result, the firm guarantees private air booking transparency. There is no doubt that Volavia could surpass the expectations of all private charter flight stakeholders, such as aircraft operators, brokers, and passengers.
How the Team Is Driving Volavia
One of the interesting things about the company is the team behind it. Without question, the company has the full support and backing of a seasoned team of travel and aviation professionals. On the team are also blockchain experts and technologists. The team works around the clock to ensure that users get the most out of the platform. Specifically, its smart contracts effectively eliminate the long trail of finance, contracts, banking and communication apps used in the as-is private jet charter orders.
Although this development has addressed many bureaucratic bottlenecks, Volavia won’t eliminate the current intermediary, search and booking service providers. However, the booking platform will provide a decentralized “clearinghouse” service, thus offering secure and frictionless transactions. Also, the clearinghouse will optimize efficiency and mitigate risk.
How to Implement Volavia
Volavia’s cryptographic technology ensures that the transaction-processing layer remains secure, making it extremely difficult for hackers to access client data or to intercept or divert payments. With the capacity built into Volavia, it can support up to 21,000 private jet operators and 750 private jet companies worldwide to overcome age-long challenges in the sector. By and large, the current challenges of the sector include cross-border and foreign exchange exposure, complex and restrictive payment processes, etc.
Regarding its payment services, Volavia will integrate cryptocurrencies and fiat money, thus simplifying the payment process. In the future, the company plans to branch out into super-yachts and related exclusive travel management.
Chairman of BACA, Richard Mumford, noted that the private aviation industry faces a lot of challenges. On these challenges, the Chairman noted transaction management, increased cybercrime, payment restrictions, and foreign exchange exposure. But with Volavia, Mumford said, the problems are solved because it provides transparency through a decentralized blockchain platform. He maintained that the over-$20B private aviation industry lacks adequate payment processes and booking saying that the current structure is vulnerable to attacks.
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