The Association announces a partnership to promote technology in the aviation sector – Prisma

The Latin American and Caribbean Air Transport Association (ALTA) has announced TravelX as a new affiliate member.

The technology company, a leading developer of blockchain, is proposing new business models for the travel industry. The proposals will allow service providers to distribute their products as non-fungible tokens, that is, non-changeable tokens (or NFTs) associated with digital stablecoins as a means of payment. It ensures that friction in all distribution and propulsion processes in the current travel system is significantly reduced.

According to ALTA, blockchain technology is the most secure, streamlined and efficient network that has ever been created, as it does not depend on centralized servers, but on millions of unauthorized servers connected to the blockchain network and scattered all over the world.

According to TravelX, the protocols make it easier to implement their own distribution and operation through the Blockchain, generate new revenue, reduce costs and dramatically improve customer experience.

With a simple application, suppliers will be able to additionally distribute their inventory as tokens, and in this way, they will have greater control over and traceability of their products, which is the guarantee of the company.

Currently, the crypto user community consists of around 400 million people, a number that doubles every 12 months so that providers also have instant access to this new market through TravelX’s integration with Crypto Exchanges.

“We are very excited to become part of the Latin American and Caribbean Air Transport Association, which we deeply respect for the great professionalism and quality of its members. We created TravelX because we are convinced that the maturity that Blockchain technology has reached will aid the development of the tourism industry. As ALTA members, we will be able to to work with its members to achieve this goal together,” said Juan Pablo Lavos, CEO of TravelX.

“The future of the aviation industry is already here. This partnership allows us to explore new ways to generate value and dramatically increase efficiency. Actions such as purchases, refunds, cancellations or insurance collection can be automated, thanks to the potential offered by blockchain technology and at ALTA, we are excited To bring the knowledge and technologies to our partners to stay on the cutting edge of innovation and continue to bring air transportation to more places and people,” adds Jose Ricardo Botelho, CEO and CEO of ALTA.

One of TravelX’s most innovative proposals is the tokenization of electronic tickets, their development into an nFTicket that can be distributed or exchanged between any actors in the Blockchain network according to smart contracts or parameters pre-defined by the service provider.

This is possible at this moment thanks to the maturity that the Blockchain network has reached in recent years and the integration of this technology with the world of traditional finance.

NFTickets can be exchanged, transferred, or sold to generate additional revenue for service providers. Also, with the nfttickets version, service providers have more control over their inventories, even after selling them through any of their channels.

Refunds and exchanges are instant and governed by smart contracts that are automatically executed. This saves costs and time associated with customer service provided by human workers.

Recently, TravelX and Air Europa, an ALTA member airline since 2015, launched the first series of NFTickets. Tickets will provide a seat on a flight from Madrid to Miami on November 29, 2022. In addition, NFTicket ticket holders will enjoy special benefits and access to art events in that American city. This milestone marks the beginning of a new era of air travel.

The alliance between ALTA and TravelX goes beyond membership. Through its membership in the consortium, TravelX will support ALTA to become the first blockchain-based organization in the airline industry.

This means that the organization’s transactions can be carried out on the network, simplifying operations and facilitating the access of its members to technological tools that generate competitiveness.

“Blockchain is a technology that is changing the way we do business. It has always affected and changed the economy, the way we understand value. In this case, blockchain technology allows you to streamline processes, make them ubiquitous and instant, and beyond that, in addition, automate processes Through the so-called smart contracts. From ALTA we are pleased to announce that we are changing our operations to blockchain.An unprecedented measure in our industry that will directly and indirectly build the sector in the region will also enhance security and the steps we are taking to make the team more resilient Botelho adds.

TravelX uses the Algorand Network, the world’s most decentralized, scalable, and secure blockchain infrastructure. Algorand is also a completely carbon-neutral blockchain, built from the ground up to reduce environmental impact.

“Sustainability has been a core component of Algorand since its inception. The Algorand blockchain was designed from the ground up to enable applications on a global scale to be environmentally friendly,” said Algorand founder Silvio Micali. “We are excited to provide the blockchain infrastructure to enable TravelX to change the world of travel in an environmentally friendly way.”

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