Lufthansa Group has recently announced that it is set to join the initial coin offering run by the Swiss nonprofit, Winding Tree. The company, which is one of the biggest airlines in Europe plans to use Winding Tree’s blockchain platform for business.
According to Winding Tree’s CEO Maksim Izmaylov, the decentralized platform should be available to users in 2018. The goal of the decentralized platform is to increase security. Thus, there would no longer be one basic central database for travelers’ credit cards and personal details.
The network would work to help airline apps streamline their records while expending less manpower. Less paperwork would automatically mean cheaper services.
In a statement made to International Business Times, Izmaylov stated, “That’s our goal, for travelers to get better, cheaper services.”
Winding Tree also emphasizes that each business has the freedom to define its own smart contract policies. It’s important to note that each of Winding Tree’s customers have the right to define their own smart contract policies.
For instance, European and American airlines defer over the exact time required for remuneration for delayed flights. Winding Tree’s platform would automatically show different formats for each.
Winding Tree’s main aim however, is to educate businesses on the importance of taking responsibility.
In a statement Winding Tree’s COO, Pedro Anderson, explained “Owning your data means you control the security of your data. You cannot just delegate it, the responsibility to do that, to someone else.”
Unlike its competitors, Winding Tree does not intend to charge heavy processing fees. The company stated that it will charge a one percent commission fee for exchanging of Lif tokens and a very small gas fee.
Gas in this context refers to the cost of fueling an Ethereum-based blockchain network. Any extra funds generated would immediately be put towards future development.
Speaking of the company’s expectations its COO said, “We’re very realistic. We realize change isn’t going to happen overnight.”
Thus, Winding Tree is interested in bringing about long term changes, not enabling short term ones.