Emirates, the largest airline in the United Arab Emirates, has made public its desire to begin accepting bitcoin as a form of payment and to facilitate the buying and selling of NFT collectibles on the firm’s website. Emirates Airlines revealed its intention to buy Bitcoin as a payment option. And start releasing NFTs in a new project, which seems to be the first of its kind. The online travel company said that they were working on a project. That would allow their customers to collect different tokens in return for their standard service and purchase them with the help of Bitcoin.
NFTs are non-repeatable digital assets that can be used with blockchain technology. Their characteristics make them much more desirable than traditional cryptocurrencies. That is why companies like Emirates see them as the way of the future.
The growing impact of Cryptocurrencies & NFT
Blockchain technology has gained traction in the recent past, with more and more companies announcing their new projects. Companies are looking for ways to overcome the problems that plague traditional payment methods, from online shops to phone carriers. The introduction of NFTs as a form of digital currency is seen by many as a solution to this problem. As per recent reports, NFTs are the most likely way that cryptocurrencies will be used in the future. The collectible aspect of the technology can make it easier for users to spend their coins and have them retain some value.
Many other airlines already accept cryptocurrency as payment
The UAE is home to one of the most advanced infrastructures in the world. That has allowed companies like Emirates to adopt new technologies. Air Arabia, a popular airline in the Middle East, announced its acceptance of Bitcoin as a payment option. The airline has seen tremendous growth due to its acceptance of cryptocurrency. The number of customers traveling with the company has grown in recent years. And this is because consumers have shown their support for the latest developments.
Announced at the trade show The Arabian Travel Market
While announcing the new project, Emirates said they were working on a similar system. That would allow their customers to collect different tokens in exchange for their usual service and then buy them with Bitcoin. More details about the project will be made available at the upcoming summit of the Arabian Travel Market in Dubai.
The airline has made accepting cryptocurrency very simple in the past. As it was one of the first companies to accept Bitcoin as a form of payment. The website also lets users pay for their flights with Bitcoin due to a partnership deal between Emirates and the popular cryptocurrency exchange service BitPay.
Hiring new employees to focus on implementing and managing such technologies
The new payment system is one of the many projects the company has been working on in recent years. Emirates has been actively looking for new ways to use cryptocurrencies and exchange them for other currencies. In addition to developing this system, it also launched a budget airline in Dubai called FlyDubai, allowing consumers to book flights with Bitcoin. The airport is also accepting Bitcoin as a form of payment. Which will make it easier for travelers to purchase items at the airport.
Using blockchain solutions in tracing records of aircraft
The UAE has also been working on ways to improve its air traffic control system since last year. The country has partnered with a Swiss company called Winding Tree and will be using blockchain technology to store data about aircraft in the country. This will allow the local authorities to retrieve information about where a flight was previously instead of relying on the information provided by another source.
Planning to enter the Metaverse
The UAE government is also looking to support the Metaverse cryptocurrency and has fully backed the company. The local authorities believe that the upcoming blockchain systems will help improve the country’s tourism industry and offer travelers new investment options.
The airline company looks to implement a new system that will allow customers to buy items and then sell them back in exchange for Bitcoin. Emirates Airlines is one of the most important carriers in the world. And its decision to implement this new technology shows the growing importance of cryptocurrencies and blockchain systems. With many miners already seeing the potential for cryptocurrencies to become a standard payment method. More airlines will likely start implementing such procedures soon.