IT major Wipro said on Wednesday it has developed a blockchain-based payment solution for Travacoin, a company specialising in an eponymous digital payment solution.
Travacoin is a digital payment system which enables airlines to refund and compensate passengers in a timely manner when a disruption occurs.
Passengers will be notified of a delay or cancellation and refunded in this digital currency, which can be used to repurchase airline tickets, book hotels and avail other airport and travel related services.
"We are encouraging blockchain innovation by actively engaging with firms focused on solving real-world business problems," said Krishnakumar Menon, Vice President for Service Transformation and Blockchain Theme Leader at Wipro Limited.
A recent study conducted by FTI Consulting indicates that Travacoins will save airlines between 20 and 40 per cent of what they are currently paying passengers in cash.
Brian Whelan, Chief Executive Officer of Travacoin, said: "Airlines respond defensively, consequently losing customer loyalty as well as millions in hard currency along the way. This solution offers airlines a cost-effective way to reconnect with their passengers in a positive way, turning adversity into opportunity."