S7 Airlines and Alfa-Bank launch Ethereum-based flight ticket sales

The first flight ticket in the world, issued via blockchain connected to the bank system, has been sold by S7 Airlines.

S7 Airlines and Alfa-Bank have launched the innovational blockchain platform for better automatization of trade operations. The basis of this private blockchain is the Ethereum protocol that provides the interaction of counterparties during payments using Smart Contracts.

The project has built-in non-stop payment infrastructure with all required steps in it – from ticket booking to bank payment implementation. The whole operational cycle – payment application, funds sufficiency check, the charge of funds and status update – is automatic. Over 100 flight tickets have already been sold via this scheme.

Ethereum implementation has drastically increased the speed of mutual accounting between the airline and its partners, also minimizing the need of human presence. S7 Airlines intends to move to this technology its other business processes, e.g. the engagement with suppliers of goods and services in the airports.

Alfa-Bank pointed out the increasing market interest in blockchain and expressed their confidence that they will further modify this solution, both with S7 Airlines and other clients.