This is part of Singapore Airlines' retail IT solutions using blockchain technology. KrisFlyer members can use their KrisFlyer points to convert into tokens or KrisPay using blockchain-based tokens.
Customers can then use the wallet to buy or avail services from participating merchants and purchase merchandise.
Singapore Airlines, in partnership with Microsoft, has used blockchain development services to create a digital wallet that will enable SIA customers without hassle to access their KrisFlyer accounts and use their air miles.
Jan Reinmueller is the Head of KPMG's Digital Village Singapore. He stated, "With the blockchain-based wallet, it's a simple process for participating merchants and customers to make purchases using their tokenized miles." He added that the blockchain is a distributed ledger that timestamps each customer transaction in real-time, which results in significant cost savings and time efficiencies.
Mr Reinmueller's observation shows that blockchain can provide better retail IT solutions to customers and merchants.
The KPMG Digital Village, a consortium of Singapore Airlines and Microsoft, has created a range of solutions in architecture, application development, and graphic design, with a special focus on cybersecurity.
Customers can avail themselves of Singapore Airlines' air-miles loyalty program by downloading an app to their smartphones.
The air miles will be converted into KrisPay units automatically. Customers can use these units to pay for merchandise or services by scanning the QR code at any Singapore Airlines partner merchant.
Singapore Airlines has introduced a blockchain wallet app program allowing passengers to use 18 partner merchants in Singapore.
This includes restaurants, gas stations, beauty parlors and some retail stores. In a press release, the airline said they would soon partner with more merchants. They will also offer discounts for early users.
This blockchain-based loyalty wallet was announced for the first time in February 2018. It was then officially launched in July 2018 after a successful trial.
Microsoft has invested in blockchain technology for the past few years and provided solutions through platforms like Azure to enable companies to offer enterprise-level blockchain-based apps.
Microsoft launched Azure Blockchain Workbench in May 2018. The company is now integrating AI and blockchain to provide supply management solutions. According to reports, the company has partnered with two Asian tech giants for an enterprise-level blockchain platform.
It is, therefore, not surprising that Microsoft has backed blockchain technology. It is primarily because the tech giant wants to make it available for developers, software and app development firms.
The best web developers are now offering blockchain technology for app development. This technology will ultimately change how industries operate, just like Web 2.0.
The Web 2.0 movement was a significant shift in how internet usage and viewing were done not too long ago. The Internet evolved from a niche technical networking platform to a highly usable, interoperable and accessible collaborative medium.
This led to the development of social media, web apps, and hosted services. One such paradigm shift in internet-based technology is blockchain technology and blockchain development services.
Blockchain is revolutionizing the way that apps are developed and how they function. This is one of many recent developments that could disrupt many businesses.
Although blockchain is still associated with cryptocurrency, its transparency and immutable distributed ledger make it a vital technology.
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Microsoft backs the development with Azure blockchain services, Azure blockchain development kit and Azure blockchain service; most best web development company offer a blockchain app development solution.
Companies like Singapore Airlines, which uses Azure to convert customer air miles into blockchain-based tokens, show that technology drives Web 3.0.
