Blockchain start-up AVINOC hopes to bring passengers, airlines, air traffic control and travel agencies together with its decentralized technology solution. The company aims to challenge the status quo of centralized booking companies. AVINOC’s Blockchain technology allows for direct link between those involved in the process, cutting out needless intermediaries and connecting passengers and airlines to flight bookings. AVINOC provides other services such as group bookings for increased organization and ease of use. In addition there is a considerable cost reduction for airlines and operators.
AVINOC is a blockchain solution for BizAv and is building a foundation for solving problems in the Airline Business. It will schedule Airline and Charter Business in a worldwide development roadmap. Using a system known as the Global Distribution System (GDS), transactions are made between airlines and travel agencies that offer air travel to passengers. This market is dominated by three players worldwide. Apart from the GDS and as a more recent development, numerous price comparison and booking portals have emerged over the last two decades, separating airlines from customers and leading to a lack of transparency.
The first incarnation of the internal payment system will be an ERC-20 token published on Ethereum. The token is a utilization token and will be traded on exchanges and circulated globally. AVINOC token will be required for writing data into the blockchain and as a means of spam protection and process optimization. It will be used for payments within the system e.g. to pay for tickets, crews, fuel, airport fees, handling, ATC (air traffic control), maintenance and more.
There is a fixed amount of 1 Billion token, 40% of which will be for sale for the general public. The issuing price of each token will be USD $0.05 at the token sale.