Singapore Airlines plans to use blockchain technology to give loyal customers the ability to spend their accumulated miles in new ways.
The company said it will launch a digital wallet app within six months as part of its KrisFlyer loyalty program. To begin with, the company will sign up retail partners in the Singapore market.
“I think we are the first airline to do this.” said chief executive Goh Chun Pong at the Aviation Summit, which brought together aviation leaders ahead of Asia's biggest airshow.
Singapore Airlines last month said it would invest "hundreds of millions" of dollars in digital technology over several years as part of broader changes that will help the company remain competitive in a highly competitive environment.
While blockchain technology is known to support Bitcoin and other alternative cryptocurrencies, it may change the way transactions are conducted in many industries.
Singapore Airlines' technology is its own blockchain technology, which involves only merchants and partners, it said in a statement.
Lufthansa and Air New Zealand last year teamed up with Swiss startup Winding Tree to create a travel app powered by blockchain technology, as the companies consider new ways to distribute tickets and services to customers.
European travel group TUI also developed your own database based on blockchain technology for hotel bookings.
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