Travacoin is a revolutionary idea that uses Blockchain based crypto-currency to enable airlines to compensate and refund passengers proactively and directly. The payments will incentivise passengers to reinvest their windfalls in new flights and/or ancillary services with the original airline and/or with other airlines and retailers in the community. Our commercial model proves that airlines will save tens of millions and regain the trust and loyalty of their customers, which has been so eroded by intermediaries in recent years. Based on positive principles of collaboration, rather than conflict, our model will also facilitate passengers in making donations to charities.
Airlines spend tens, maybe hundreds of millions each year promoting their brand, building customer awareness and loyalty, generating new and repeat sales. But when flights are disrupted through delays, cancellations or denied access (as they are 2.5% of the time), the value of all that investment can evaporate i...
Travacoin is a revolutionary idea that uses Blockchain based crypto-currency to enable airlines to compensate and refund passengers proactively and directly. The payments will incentivise passengers to reinvest their windfalls in new flights and/or ancillary services with the original airline and/or with other airlines and retailers in the community. Our commercial model proves that airlines will save tens of millions and regain the trust and loyalty of their customers, which has been so eroded by intermediaries in recent years. Based on positive principles of collaboration, rather than conflict, our model will also facilitate passengers in making donations to charities.
Airlines spend tens, maybe hundreds of millions each year promoting their brand, building customer awareness and loyalty, generating new and repeat sales. But when flights are disrupted through delays, cancellations or denied access (as they are 2.5% of the time), the value of all that investment can evaporate in a matter of minutes.
Airlines are slow to part with money, no matter how clear the regulations are. 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 to compensate passengers for the inconvenience - up to €600 per passenger. But airlines typically resist this or pay slowly, generating conflict and losing passenger loyalty and repeat business, while also creating big opportunities for intermediaries.
It's difficult for airlines to even consider this, but our commercial model shows how airlines can save millions if payments are made proactively and directly using crypto currency. Our research suggests that passengers treated positively in this way, are highly likely (up to 80%) to repurchase new flights with their compensation with the original airline, or with other airlines or retail opportunities in the community.
We have already built an MVP and also created an economic model which shows how much airlines can save given certain levels of take up and commission on transactions. Our priority now is to identify and work with airlines, airports and their customers to validate our technology and our commercial model. Based on that intelligence, we will adapt the technology and roll it out in 2019.
We're targeting flight disruptions initially, as they present a real and present problem for airlines, but after our currency works in this environment, we will expand it to include all transactions.
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