Wipro Limited is an Indian multinational corporation who has made a partnership with a payment solution company called Travacoin in order to develop a blockchain solution. An announcement of the completion of the solution development is done on May 22, 2019. The payment solution company Travacoin is actually a digital payment system. Enabling airlines to refund is a purpose of Travacoin. It isn’t only enabling the airlines for refunding, but also enabling the airlines for compensating passengers.
Passengers will get notification related to delay or cancellation. Travacoin is also a blockchain-based cryptocurrency. They will get refunded in the form of the cryptocurrency. They can use the cryptocurrency to repurchase airline tickets. They can’t just use the cryptocurrency for repurchasing the airline tickets, but they can also use the cryptocurrency for repurchasing book hotels and other available services which are related to airport and travel. They can enjoy reductions in the waiting time for compensation.
Airlines can reduce administrative overheads by compensating passengers with Travacoins. They can’t just reduce the administrative overheads, but they can also channel the savings. Better travel experience will be provided to fliers.