THE BLOCKCHAIN TECHNOLOGY
The advent of the Blockchain technology has brought so many innovations and opportunities associated with its decentralized and distributed confirmation infrastructure and algorithm. The flexible cryptographic protocol of the blockchain has enabled the production of shared public ledger which allows various computer nodes to perform reconciliation block mining operation that are consistent, irrefutable and mutually accepted by all stakeholders. The blockchain is used to transfer value, and like in bitcoin and other cryptocurrencies, this technology can be used to transfer tokenized value in the airline industry, and also in ensuring the sanctity of data management and information circulation, for the benefits of operational processes and the customers who patronize the airline and travel industry. Transactions on the blockchain are kept permanently and its integrity is assured by the use of signed public cryptography keys. Once algorithm problem solving agreements are reached, these transactions are then arranged in blocks for mining operations by network operators called miners. Every block is reviewed by network participants or nodes. A block is saved away to the immutable historical record when the nodes agree via a consensus algorithm testifying to the accuracy of the data contained therein. This is achieved without the need for any centralized authority. Smart contract enables the transfer of value, using predetermined parameters and protocols of software programming languages.
This technology has shown a lot of promises in various industries, and the BASTONET PROJECT seeks to engineer its use in the airline and travel industry. The BASTONET PROJECT will ensure that the airline industry operates at optimal efficiency, cutting out data redundancy down time, and ensuring that the overall experience for all stakeholders is enhance at the level of consummate excellence USING REAL TIME ENCRYPTED information transfer. As with typical blockchain network, this platform will be permissionless, since all participants in the travel industry who possess the technological knowhow and the required equipment can join the public Bastonet network.
THE STATE OF THE AIRLINE INDUSTRY
The airline industry operates on the backbone of data transfer which are supposed to be shared without any mistake, devoid of propensity to errors and accepted by all players. We can define the whole value chain of the travel industry as every point where air travelers interact with operators for the purpose of moving from one point to the other. These points on the value chain include travel agencies who handle bookings and reservations, airlines, tours and travel operators, hotels, online travel platforms, airport and changeover terminals, travel card providers, immigration, government, car rental agencies and more. In transferring value across this value chain, a lot of data changes hands and the sanctity of this data determine the success of the industry as a whole. The need for Data integrity cannot be overstated, because that anything can go wrong, resulting in safety and mishap issues to loss of revenue by airlines. Also issues with passenger and crew management can jeopardize the operational value chain when the data transfer process is compromised in any way. Smooth data exchange is of the essence.
THE BASTONET TOKEN, BSN
There shall be a total of only 50,000,000 Bastonet, BSN token in operation powering and fueling operations in the Bastonet protocol network application. At the initial stage, only 10,000,000 shall be in circulating supply. This will trade in major cryptocurrency exchanges. The BSN token is based on the Etheruem network, and it will be utilized in the Bastonet Application in booking and ticketing processes of airlines, and in transfer of data and value within the network in association with other airline services like air cargo movement, crew management, passenger data transfer and aircraft maintenance scheduling, loyalty programmes etc.
USE CASES OF THE BASTONET PLATFORM
There are multiple use cases of the Bastonet Software Application in the airline industry. Some of the use cases are presented below:
Using secured public ledger information in addition to biometrics, the Bastonet application will enable validation of people’s identity on the Blockchain. With this, it becomes impossible to impersonate or commit forgery through fraudulent replication of other people’s identity. Blockchain technology with a security protocol ensures foolproof passenger and crew data management since sharing of information is executed through the use of authorized access by individuals whose imprints on the blockchain network is verifiable.
All future state changes in an aircraft’s lifecycle from the initial purchase to every transfer of ownership or lease and maintenance event will be tracked on the Bastonet Application — providing an irrefutable record of service. The Bastonet application will use Blockchain technology to transform maintenance from paper binders and complicated databases into verifiable information on the blockchain. The app will help the industry ensure that parts procured are legitimate and can offer a reserve immutable record of all procurement of spare parts on the plane, every time it goes through maintenance schedule. Such records will validate time and location of repairs and provide information on such entities involved in the maintenance work, from the beginning of the aircraft’s existence.
The Bastonet Application will use the blockchain to tokenize the present ticket and e-ticket and further dematerialized these tickets for irrefutable sharing of information across various touch point of travel. Through the use of smart contracts associated with the tokenized tickets, airlines will be able to determine the various preferences of usage, terms and conditions of transfer and sale by anyone across the value chain, and in real time, from any location in the world in a secure, fast and efficient structure.
Loyalty and Air Miles Reward Programme:
Air miles as a currency shall be replaced by the BSN token. Instead of the traditional process of earning miles, the Bastonet platform will allow customers to buy them using the Bastone Token, BSN in the same way they can exchange currency today, or could earn them outside of flying alone if they select to be paid in air miles denominated in BSN tokens for services. In traditional loyalty point’s schemes, travelers often have a long waiting time before they can use their points, with limitation on spending avenues. By tokenizing loyalty points on the blockchain using the BSN tokens, travelers can get instant value by redeeming them on the spot. They can also use them more broadly through a specific user community of partners since these tokens will be traded on exchanges. The BSN tokens will be used in paying for goods and services in a secured and fast way.
Other use case areas of the Bastonet App will include:
Airport Collaborative Decision Making (ACDM)
Airline Ancillary Revenue Generation
Management of In-Flight Entertainment
Fast Insurance and Compensation Management
Luggage Handling and Control
Cargo and Custom Clearing etc.
A detailed whitepaper of this project is undergoing development and will be presented to the public at a later time.
Further Development announcement and Roadmap:
The Developer team has commenced work on this project and application design . The gestation period for delivery of the product is estimated at 18 months, from the date of this ANN. Currently, certain skilled programmers have been identified and the selection process has commenced. Considering the intricacies of a project of this nature, abundance of care is being exercised my the developer team to ensure that the best industry hands are recruited into the team to ensure the final product meets the demands of the industry.
Further announcement will be made regarding trading exchanges which the Bastone BSN token will be listed. Same applies to bounty programmes for marketing and promotion. Considering the current uncertainty regarding the status of ICOs, the Bastonet project will not be engaging in any ICO activities. Instead it shall focus on creating awareness through publication of its activities on selected online cryptocurrency platforms.