German airline giant Lufthansa has announced that it is joining forces with Swiss blockchain travel platform Winding Tree to cut costs for flyers and increase profits for providers, Business Travel News reported.
The partnership will see Lufthansa integrate its API’s into Winding Tree’s public Ethereum-based (ETH/USD) blockchain.
Lufthansa will also benefit with more profitable bookings and lower transaction fees by cutting out both intermediary commissions and payment processor fees.
Lufthansa’s Chief Digital Officer, Dr Christian Langer, said: “As the digital spearhead of Lufthansa Group in the global startup ecosystem, the Lufthansa Innovation Hub is continuously on the lookout for startups and new technologies with the potential to significantly improve the way we travel tomorrow. To us, Winding Tree is a strong candidate to turn today’s understanding of distribution upside down.”
The startup’s CEO, Maksim Izmaylov, said: “The partnership with Lufthansa Group will allow us to build blockchain-based travel apps which not only adhere to the requirements of airlines but we will be able to test these with Europe’s largest airline, further validating the efficiency and scalability of the platform.”
To finance the initial development and become more appealing to suppliers, Winding Tree will launch a token sale of its cryptocurrency ‘Lìf’ on November 1. Lufthansa is showing its confidence in the technology by participating in this presale after regulatory clearance from Swiss authorities.