An airline industry trade group, the International Air Transport Association (IATA), has revealed that a blockchain startup will be one of five finalists for its 2017 Air Cargo Innovation Awards.
With the news, Zurich-based Gatechain will join five other finalists selected by IATA to present at the World Cargo Symposium in Abu Dhabi, UAE, on 11th March. The winner selected by the judging panel will receive a cash prize at the commencement of the conference on 16th March.
Gatechain develops solutions for trade finance on a decentralized network, providing a blockchain solution to business processes that have traditionally relied on paper as a main means to store and transport information.
Notably, this is not the first foray into blockchain tech for the IATA.
In October 2016, the group awarded Travacoin, an Irish startup, for its work on a blockchain-based voucher system designed to simplify the refund and compensation process for delayed and canceled flights.
IATA is also working to develop 'single passenger tokens' to address identity management in the commercial aviation industry. Under the pilot scheme, revealed last year, a traveler’s biometric information can be embedded into a blockchain and standardized for use by global aviation security agencies.
Jet image via Shutterstock