The global professional service company and one of the Big Four auditors, KPMG has worked with world’s best Singapore Airlines (SIA) and Microsoft to create the first airline loyalty program called ‘digital wallet’ with the help of blockchain technology. Singapore airlines officially announced and introduced KrisPay digital wallet by looking at the successful model of its proof of concept development in February 2018.
With the KrisPay in place, members of Singapore Airline can immediately convert KrisFlyer miles into KrisPay tokens which can be spent with traders that have participated. The major benefit of the digital wallet – KrisPay lets SIA to onboard new partners and settle payments through the use of blockchain technology.
Jan Reinmueller, Head of KPMG, Digital Village in Singapore, said in his statement that “With the blockchain-based digital wallet, it is a straightforward process for participating merchants to connect with the program and for customers to make purchases with their tokenized miles. The blockchain provides a distributed ledger that time-stamps every customer transaction in real-time, which provides significant cost and time efficiencies.”
In order for the process to be executed fairly and transparently, the KPMG Digital Village team have introduced their deep expertise in various domains to set up solutions architecture, graphic design, cybersecurity, etc.
Accordingly to Atif Azim, Global Lead for KPMG Distributed Ledger Services, he said “The innovative work with Singapore Airlines reflects the business-value approach that KPMG professionals around the world take in developing blockchain solutions across a broad range of industries. Our focus is on using blockchain technology to contribute real value to a client’s enterprise.”
Let us not forget that the blockchain technology has various mechanism in place which can be used for a variety of purpose. What matters is how you can reap the benefits and apply it to resolve the real problems!!