14:15, 4 September 2020 Page views 929 views

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Customers can use tokens to instantly buy air tickets

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S7 Airlines .jpgS7 Airlines’ solution made available on the Sberbank blockchain platform will allow airline ticket agents having accounts with Sberbank to instantly make payments to the airline through smart contracts. Tokens will be used to perform the settlements: this solution appeared in Russia for the first time.

Agents used to rely on bank guarantees and advances to process air tickets, which entailed additional costs, diverted human resources and took a lot of time. The blockchain allows you to automate the entire chain of payments: cash from the agent's account will be tokenized and transferred to the airline using the algorithm set forth in the smart contract.

In this settlement scheme, Sberbank will act as the owner of the tokenization platform and the guarantor of the availability of the required amount of money on the client's current account. SberCloud will host the part of the joint solution IT infrastructure that lies within Sberbank’s responsibility.