Consistently regarded as one of the best airlines in the world, Singapore Airlines has announced that it’s going to launch the world’s first blockchain-based digital loyalty wallet for frequent flyers in a bid to expand its retail relationships. The airline’s KrisFlyer frequent-flyer programme will launch the blockchain-based airline loyalty digital wallet to enable users to spend their KrisFlyer miles for everyday purchases.
A new KrisFlyer digital wallet app is being developed and is going to be released in six months. The app will enable KrisFlyer members to use their “digital KrisFlyer miles” for point-of-sale transactions at participating retail merchants.
The airline has already conducted a successful proof-of-concept exercise with Microsoft and KPMG Digital Village and it’s now going to sign up retail merchant partners initially in Singapore. All of this is going to rely on a private blockchain owned by Singapore Airlines which will involve only merchants and partners.
It’s basically bringing together frequent flyer miles and spending with distributed ledger technology thus enabling it to expand retail partnerships and provide its customers with more ways to spend their points.