Travacoin, an Irish based startup is seeking funding of 1.5
Travacoin, an Irish based startup is seeking funding of 1.5 Million Euros to create a Passenger compensation system based on blockchain technology. Blockchain system is going to be used to make the service passenger friendly and implement a passenger first policy. Blockchain technology is a proven asset to cut down intermediaries and interact directly with the Customers.
The basic idea is to provide customers with the latest info on the delay or cancellation of flights. Since most of the issues and ruckus are caused by angry and misinformed passengers. The startup is planning to provide the compensation directly to the passengers in case of any such delay.
How It Would Work
In case of any delay or cancellation, it’s quite difficult to make a passenger understand what the issue is and how they can’t do much about it. Due to different layers of Customer Service and staff, the info often goes out even later than it was intended to. So, passengers losing their cool is a common sight.
With blockchain technology, the passenger will pay for the ticket via blockchain, where the company will fix the compensation for being late or cancellations. The aeroplane timings will be coordinated with the app, and in case of any mismatch, customers will be the first to be informed, and provision for compensation will be initiated.
Blockchain Customer Service: A Distant Reality or Narrow Pipe Dream?
Mr Whelan, the founder of Travancoin, earlier worked as a communication consultant with Irish Aviation and later joined AirHelp.com which recovers the compensation for passengers from different airlines. Working in the field made Mr Whelan realise that how difficult it can get for the passengers to improve their share of money from the Airlines.
Travacoin is joining hands with different major airlines and make this Pipe Dream a reality. The founder believes that blockchain is the way to future. He is trying to convince airlines that, not only passengers but even the airlines will make a profit out of this system. Airline kind of business is heavily dependent on Customer Service, so to have a larger passenger base you need happy passengers first.
“The IT guys working at airlines love our idea and pretty much all airlines are investing in blockchain at some level right now but at the executive level there is little knowledge of it and a high degree of cynicism,” said Mr. Whelan.
“What we keep telling them, however, passengers as we are concerned it is a case of ‘bitcoin bad, blockchain good’,” he added.