MADRID and NOIDA, India, September 18, 2018 /PRNewswire/ --
Delivers simpler, quicker and transparent transactions
NIIT Technologies Ltd., a leading global IT solutions organization today released Chain-m, its Blockchain powered solution for Airline and its partners. Chain-m helps address the challenges faced by airlines and its partners in the backend process of settlements. The solution makes ticketing transactions transparent, thereby improving the trust between the entities involved in the operation.
Anil Batra, Transformation leader, Travel and Transportation, NIIT Technologies stated, "Leveraging our domain expertise, together with the differentiated capabilities that we have been building in the emerging technologies space, is helping us drive real business impact for our clients. Chain-m is a first-of-its kind solution which uses blockchain technology to solve real and widespread challenges for the airline industry."
Benefits of Chain-m:
- Privacy and transparency - Single view of ticketing transactions for Airlines and agencies.
- Quick reconciliation - Eliminates / reduces instances of disputes by implementing smart contracts.
- Reduced efforts in resolving disputes - Ease of accepting / disputing ADM/ACM reduces effort spent on the disputed transactions.
- Peer-to-peer transmission - All actions are visible to all parties with transactional history maintained for future reference.
- Reduced Cost - Collective verification of ecosystem helps reduce cost.
- Highly protected - data through intrinsic data protection mechanism of blockchain.
- Transactions Record Keeping - Immutability of data on the blockchain helps record keeping.
Chain-m has a web based user interface and interactive dashboard, to provide a consolidated weekly view of number of tickets sold, total amount, fare amount, commission, Agency Debit Memo/Agency Credit Memo generated, tax amount, and payment to agencies from the airline. Its distributed ledger is implemented on Hyperledger Fabric and uses Chaincode (a contract consisting of Business rules) to arbitrate conflicting data and automatically execute when certain conditions are met. Chain-m enables airlines and its partners to address challenges pertaining to revenue leakage, lack of trust and transparency, incorrect fares, and commission violations by providing them more security, agility, and cost savings.
About NIIT Technologies Ltd.
NIIT Technologies is a leading global IT solutions organization, enabling its clients to achieve real world business impact through unparalleled domain expertise working at the intersection of emerging technologies. The Company focuses on three key verticals: Banking and financial services, Insurance, Travel and Transportation. This domain strength combined with leading-edge capabilities in Data & Analytics, Automation, Cloud, and Digital, helps clients innovate business, automate process and industrialize AI.
With over 9500 people serving clients across Americas, Europe, Asia, and Australia, NIIT Technologies fosters a culture that promotes innovation and constantly seeks to find new yet simple ways to add value for its clients.
Learn more about NIIT Technologies at http://www.niit-tech.com.
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NIIT Technologies Ltd.
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NIIT Technologies Ltd.
SOURCE NIIT Technologies Ltd.