ChainM - Revenue Settlement System
Product on Blockchain Technology
A smart-contract based revenue settlement system between Airlines and Agents that ensures quick settlement, reduces revenue leakage and improves relationships between Airlines and their Partners.
Coforge has developed a solution to provide a single view of ticket level transactions to Airlines and agencies by using Blockchain technology and by distributing the same transaction to ecosystem parties. This solution used Blockchain based smart contract to digitalize the legal contract between Airline & Agency which helps to do the auto settlement and reconciliation. The solution makes ticketing transactions transparent, thereby improving the trust between the entities involved in the operation. All transactions stored in the Blockchain ledger are immutable which helps to avoid any manipulation and increase the trust among all the ecosystem parties.
Solution Need
In traditional systems, revenue settlement between Airlines and Agencies take place offline with lots of to and fro transactions between them. Contract to manage commissions between Airlines and Agencies are not digitalized leading to interpretation differences; this leads to claims and counter-claims. Each party must maintain its copy of data and claims/counter-claims. Currently Third parties are involved for dispute settlement and there is a multi week turn around time for settling commission disputes leading to significant delays in processing. Overall processing delays lead to higher costs.
Features
Provides a single view of ticket level transactions to Airlines and agencies
Smart Contracts are used to digitalize the contract between Airline & Agency
All transactions are immutably stored and distributed on all ecosystem parties ledger
On-Premise and Cloud based high availability deployment with failover cluster
Micro Services based architecture making the whole implementation more scalable
Benefits
Enabled trust and transparencies between Airline and Agencies as ticket level transactions are visible to both by introducing a distributed Blockchain ledger
Quick reconciliation - Ease of accepting / disputing ADM/ACM reduces effort spent on the disputed transactions
Reduced Cost - Collective verification of ecosystem helps reduce cost
Reduced efforts in resolving disputes - Ease of accepting / disputing ADM/ACM reduces effort spent on the disputed transactions
Quick settlement in case of disputes from 3 months to 2-3 days
~7% more bookings due to transparency in the system
No requirement for court settlement, thus saves time and money
Improved relationships between Airlines and Partners
Technology Stack
Hyperledger Fabric, NodeJs, NPM, AnuglarJS, Docker, Ubuntu 16.04 OS, GoLang, Python, Mongo DB, Azure Cloud