TrustaBit is a state of the art software solution that will give airlines the opportunity to automatically issue vouchers to passengers when their flights are canceled or delayed. The total passenger rights market is estimated to be $3.3 billion annually. Since 2013, only $85 million in total compensation from passengers who have had their flights delayed has been collected through a middleman service Airhelp. The passenger provides information about their flight to this company, who then works directly with the airline to get compensation on the customer’s behalf. To date, a total of 1.3 million passengers have used this service and they have paid a fee of 25% of the total amount collected. These numbers show that passengers are willing to pay extra for a trustworthy digital service that will give them what they are owed. Airlines can increase its return on investment for passenger compensation by directly offering their customers a more efficient and convenient way to receive their vouchers. TrustaBit’s smart contracts will allow airlines customer service agents to focus more on “the tricky situations” while leaving the mundane and repetitive work to TrustaBit’s system. Long waiting times, subpar customer service and excessive administrative procedures are among the current pain points for passengers who attempt to collect vouchers directly from an airline. When carriers implement Trustabit’s blockchain solution they can increase customer loyalty and take advantage of this new market segment.
Ethereum
