When you fly on a commercial airline, your booking is handled by large scale centralised industry platforms which benefit from the transaction security of clearing houses. Private aviation, an industry with revenues of over $20bn and forecast to rise to more than $33bn, lacks such centralised platforms, instead relying on vulnerable and unsecured methods of operation.
According to Richard Mumford, Chairman of BACA (Baltic Air Charter Association), the industry is facing numerous challenges: transaction management; payment restrictions; foreign exchange; cybercrime; intercepted payments; and customer privacy. He says:
“We were investigating the creation of a centralised industry clearing house for transactional security. Instead, Volavia solves key industry problems with a dedicated decentralised platform.”
The meta-trends impacting private aviation today...
Cyber attacks occur on daily basis and cost the industry millions. Contractual and payment chains are vulnerable to hackers using stolen financial information or looking to intercept transactions and redirect funds.
Inflexible payment methods; exchange rate fluctuation; expensive, slow banking systems; and lags between booking and payment, erode margins, result in lost journeys and frustrate customers and operators.
Systems including CRM, invoicing software and email clients are highly vulnerable and attractive to hackers. Data breaches compromise customer confidentiality, damage reputation and can destroy a business.
Volavia will make private travel payments and itinerary management more accessible, safe and convenient than ever before.
Volavia will not compete with existing search, availability and booking service providers. Instead, we will bring these systems together on a decentralised and fully integrated platform.
Volavia consolidtes banking, contracts and communications, many of which are currently unsecure and unvulnerable, putting to an end having to access multiple applications in order to fulfil a transaction.
Volavia integrates fiat and cryptocurrencies making the process of trading tokens into fiat currencies and transferring capital quick and simple. Bank clearing houses are removed from the payment chain through peer to peer blockchain transactions, eliminating bank delays, credit card fees and FX exposure. The ability to send payments instantly and 24/7 which cannot be revoked, tackles the issue of fake payments and diverted funds.
Volavia Smart Contracts capture bookings, itinerary and payment details on-chain. This provides protection and transparency to all parties, removing the risk of manipulation, bias, or error. This saves time, eliminates gaps in communications and negates having to process documents manually from the ground up each time.
The customer app environment handles all transactions and itineraries in one ecosystem, ensuring privacy and confidentilaity are never comprimised.
Feedback from key figures within the industry: