Vueling Airlines switches to cryptocurrency
Vueling, Spain’s top low-cost airline, is launching cryptocurrency ticket sales. They have allied with a BitPay operator and want to offer the service next year. Keep reading to know more.
Vueling will take cryptocurrencies from up to 100 different wallets.
The airline, owned by IAG (International Airlines Group), will be the first in Europe to take digital assets as payment. The airline, according to rumors, will employ UATP technology for this procedure. The payment will be made via a push transaction.
Customers may pay for airline tickets with over 100 different wallets. Vueling will accept payment in 13 different cryptocurrencies. The airline will take Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin as payment (LTC). Vueling will also take popular meme tokens like Dogecoin (DOGE) and Shiba Inu (SHIB). On the other hand, the corporation plans to provide this service in early 2023.
The Universal Air Travel Plan (UATP) technology will be used to process transactions. This is the aviation industry’s worldwide clearing network, which is in charge of payment speed and authenticity.
Aviation and cryptography
The first meeting of the two businesses occurred last year when Simón Bolvar International Airport began accepting bitcoin payments.
The United Arab Emirates was the first airline to embrace cryptocurrency. They have not yet begun selling tickets, but they are working on it. The United Arab Emirates will also offer collectible NFTs on their website in the future, and they intend to establish their meta world.
Blockchain in airlines
Airline offices, where you sometimes had to wait in line to buy a ticket, were common at first. By the way, the introduction of the electronic queue was an example of digitalization, but not the sort that fundamentally altered the established pattern. Even the rise of online ticketing is based on the assumption that the firm whose name comes first in search engines will attract a large number of prospective purchasers.
Blockchain stage
This procedure is now entering its third stage, the blockchain environment. The distributed registry has now created a technical area that impacts all current offline and online sales systems. There is no need for middlemen, both in real life and online, with the implementation of the new solution.
Indeed, major airlines such as Air Canada, Air France-KLM, and Lufthansa have already joined the Winding Tree; and while large ticket intermediaries may switch to one blockchain or another, decentralization ultimately equalizes everyone in the eyes of the consumer, leaving only the choice of who and what to buy from whom. This decentralization effectively represents the concept of a perfect competition market, referred to as the “invisible hand” by Adam Smith, the inventor of economics.
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