Blockchain Startup VChain is Doing Well After its Royal Seal Approval
Blockchain platform that will transform the airline sector
Irra Ariella Khi has been working on a Blockchain project which will help people ‘glide through the airport’ instead if standing for hours in queues. To make her vision come true, she is already building a blockchain project called Verification Chain (VChain) to streamline airport check-in. The project has been flying high after it was given a Royal seal approval last month.
What is VChain
VChain is a service which will help airlines or even government institutions to quickly verify people’s identity. The platform will work by instantly checking information about travelers and their travel documents against a distributed database without the traveler’s information getting to a third party.
According to Khi: “A good example is if the British Airways gets a VChain signal that they and others have seen a certain data-set twenty times before and have been happy all through, it will help them make assumptions about you security wise.”
AIG which is the parent company to British Airways is hoping to use the technology to improve its systems. In fact, AIG made an investment in VChain in April 2017 as part of its Hangar 51 startup accelerator. Soon after the partnership, AIG announced that it would start conducting live tests before expanding the platform into a full commercial product.
VChain’s development and approvals seem to be doing well. Last month the startup was given another seal of approval at the ninth [email protected] This was a semiannual startup competition which is organized by the Queen’s son Prince Andrew the Duke of York. During the competition, there were 52 startups competing with VChain being crowned the winner during the awards ceremony held at St. James’s Palace.
Khi began exploring the Blockchain technology back in 2014 when she was on maternity leave. She later met Aleksandr Gorelik who is her co-founder, and the two started looking for ways of sharing data without sharing the underlying data. The two believed that its either you have big walls to ensure that no one can look at your data or transform your data in a specific way which would be meaningless to anyone other than the people who should access it.
After coming up with the idea, the two patented it and then chose the aviation industry to be their first target. This is because Gorelik has a good background in the sector having worked as the Chief technology officer of Russian travel booking platform called Clickavia.
Khi noted that:
“Airport like Heathrow gets more than 200,000 travelers per day and all of them have to be checked in, and their bags dropped and thorough security done at the airport and in the planes.”
However, as the number of travelers increases, the travel price continues to fall, and countries demand more checks on passengers. The recent Brexit has thrown another spanner into the European air travel together with the upcoming ETIAS in 2020. Because of all these a solution like VChain is what the airlines actually need.
Khi concluded by stating that: “We are not the silver bullet that will solve all the problems. However, we will be part of the solution for a faster and easy way for airlines to validate travelers’ identity.”