If a flight is delayed for a long time or cancelled, airlines based in, or flying through the EU are obliged under EU Reg 261 to compensate passengers for the inconvenience - up to €600 per passenger.
Airlines currently resist this or pay slowly, generating conflict and losing passenger loyalty and repeat business, while also creating big opportunities for intermediaries.
Travacoin is a Blockchain based crypto-currency that will use "Smart Contracts" to enable airlines to compensate and refund passengers. The payment will be designed in such a way as to incentivise passengers to reinvest in new flights and/or ancillary services. Passengers will also be facilitated in making donations to charities.
We are currently developing the feasibility study looking into the technical, economic, legal and passenger based issues.
Then we plan to build a Use Case, working with our partner airlines.
Travacoin will focus initially on airlines' liabilities to passengers arising under EU Reg 261...
If a flight is delayed for a long time or cancelled, airlines based in, or flying through the EU are obliged under EU Reg 261 to compensate passengers for the inconvenience - up to €600 per passenger.
Airlines currently resist this or pay slowly, generating conflict and losing passenger loyalty and repeat business, while also creating big opportunities for intermediaries.
Travacoin is a Blockchain based crypto-currency that will use "Smart Contracts" to enable airlines to compensate and refund passengers. The payment will be designed in such a way as to incentivise passengers to reinvest in new flights and/or ancillary services. Passengers will also be facilitated in making donations to charities.
We are currently developing the feasibility study looking into the technical, economic, legal and passenger based issues.
Then we plan to build a Use Case, working with our partner airlines.
Travacoin will focus initially on airlines' liabilities to passengers arising under EU Reg 261, as this is a real and growing problem for them. But once the solution is shown to work in that environment, it can be expanded into a range of other payments between passengers and airlines. including tax refunds, loyalty etc.
Finally, Travacoin is founded on principles of collaboration rather than conflict and so as well as facilitating charitable donations, our vision is to set up a business model and ownership structure that benefits all participating airlines and other stakeholders.
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