AirAsia’s Logistics Arm Launches Blockchain-powered Air Cargo Booking
Budget airline AirAsia’s logistics arm Teleport has rolled out a blockchain-powered cargo booking system called Freightchain, claimed to be the world’s first digital air cargo network run on blockchain.
The Malaysia-based airline’s platform can be used by shippers, airlines and freight forwarders to make cargo bookings in minutes through bids submitted for cargo belly space on any of AirAsia’s 247 aircraft and validated on blockchain.
The improved belly capacity utilization system is powered by open source blockchain technology from major distributed ledger Hyperledger Sawtooth framework.
The platform efficiently discovers all available routings and facilitates on-demand bookings in real-time, without the need to go through traditional time-consuming sales or email channels.
The first pilot booking was successfully conducted on Freightchain to ship pharmaceutical cargo from Bengaluru in India to Ulan Bator in Mongolia. A confirmation of an instant itinerary via Kuala Lumpur in Malaysia and Seoul in South Korea was received in real-time with flights from three different carriers using a smart contract on blockchain.
In the very tedious and time-consuming manual process, the shipper would have had to manually enquire about the availability of connecting flights with multiple airlines and agents over phone calls and emails due to the unavailability of direct flights from Bengaluru to Ulan Bator.
Freightchain simplified the booking process and confirmed the itinerary 10 times faster for shippers by programmatically discovering the available routes with connecting flights within the shipper’s budget and passing on significant cost savings to shippers.
For the airlines, this platform will enable dynamic on-demand interlining of flights to improve otherwise underutilized flights to quickly generate incremental revenue by listing their available capacity in real-time.
Launched by AirAsia during this period of uncertainty in global supply chains as air cargo is vital in the global fight against coronavirus (COVID-19) pandemic. The platform to transparently bid and confirm urgent air cargo capacity in real-time is vital to keep life-saving medical supplies and equipment moving.
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