This week, Taiwan-based blockchain company Owlting announced strategic partnership with SEED Group, owned by The Private Office of Sheikh Saeed bin Ahmed Al Maktoum, to provide technological solutions for aviation, tourism, and hospitality industries.
In fact, this royal family member is also the chairman and CEO of the renowned airline Emirates, so the technology will be adopted to reduce the cost of operation and ticket processing, which is regarded as one of the major issues in this industry.
Owlting will also help the local government conduct half of the transactions on a blockchain platform by 2021.
Based in the UAE, the SEED Group has been cooperating with various enterprises around the world to help them enter markets in the East and North Africa nearby. As a part of this partnership, it promised to connect Owlting with the local government and companies for the team to develop the market in the Middle East.
How blockchain can improve the aviation industry
In our previous interview with CEO Darren Wang, he said the system should work similarly as OwlNest, the company's hotel management service launched in 2017.
Nowadays, most online hotel booking sites, including Agoda, Booking.com., and Expedia write the data of their orders into a property management system. Causing delay, the gap between the time when the data are submitted and written prevents the platform from synchronizing and can therefore lead to overbooking.
On OwlNest, the data are instead written into a private Ethereum blockchain and managed by Smart Contract. The platform can be linked to external systems to increase efficiency and prevent human error in processing orders.
Wang believes this cooperation is an exceptional opportunity for Owlting to gain presence. On the World Expo 2020 hosted by Dubai, it will show the global community how it applies blockchain in various fields and build a city fully powered by this technology.
Building a blockchain city in two years
The UAE government has held a positive attitude towards the application of new technologies. In the previous cabinet reshuffle, the first AI Minister in the world was appointed.
In 2016, the Crown Prince of Dubai H.H. Sheikh Hamdan bin Mohammed inaugurated Smart Dubai, a strategic plan that aims to turn Dubai into a smart city by 2020. A number of public and private services will soon be handled on blockchain platforms, ranging from visa application to real estate transaction.
SEED Group's CEO Hisham Al Gurg said the firm is excited to explore new technology with Owlting and looking forward to a fruitful cooperation.
Headquartered in Taipei, Taiwan, OwlTing is operating globally through its branch offices in the USA, Japan, Malaysia, Sweden, and Thailand. For this 10-year-old company, the partnership with the royal family of Dubai is considered a key milestone. Within two years, it's expected to go public on NASDAQ and become the first unicorn from Taiwan.