ARC, Airlines Reporting Corporation, has made its first-ever significant round of venture capital financing in Blockskye.
Blockskye is a company developing blockchain-powered solutions for the travel industry. However, the terms of the Series A investment yet not disclosed.
In the month of January, ARC declared that it had completed a successful proof of concept with Blockskye about the viability of using blockchain technology with the system of ARC for facilitating the reporting and settlement of United Airlines tickets for a corporate client.
In that test, Airlines Reporting Corporation’s secure system tracked the ticket lifecycles from issuance via a settlement and identified all the transaction modifications via blockchain smart contracts.
Mike Premo, the president and CEO of Airlines Reporting Corporation, says –
“Our recent collaboration with Blockskye, a major US airline, and one of their largest corporate accounts makes us optimistic that there are near-term use cases for blockchain which drive strategic benefits and pull these already close relationships even closers.”
“We’re delighted to make ARC’s first ever outside investment in Blockskye to support the development of this forward-thinking company and assure customers that the benefits of the industry ecosystem that ARC provides will be easily accessible even as new platforms like blockchain are deployed.”
The two firms have not shared the name of the corporate partner by far, but at the Blockchain Travel Summit hosted in March by JetBlue Technology Ventures, the CEO of Blockskye, Brook Armstrong, said that they anticipate to share that information and details of how the platform has saved time and money of the client soon.
Michael Share, the President and co-founder of Blockskye, says –
“Valuable corporate customers are increasingly demanding new ways to book and account for travel.”
“We are focused on doing better for corporate buyers – and our partnership with ARC is a big step forward in that direction. Corporate buyers, travel management companies and airlines all win.”