Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading global
information technology, consulting, and business process services
company, today announced that it has developed a blockchain-based
payment solution for Travacoin, a company specializing in an eponymous
digital payment solution. Travacoin is a digital payment system which
enables airlines to refund and compensate passengers in a timely manner
when a disruption occurs.
Passengers will be notified of a delay or cancellation and refunded in
this digital currency, which can be used to repurchase airline tickets,
book hotels and avail other airport and travel related services.
Passengers will benefit by way of a significant reduction in the waiting
time for compensation. In addition, passengers can use Travacoins at
retail stores in and around the airport and avail attractive discounts
offered by retail partners.
By compensating passengers with Travacoins, airlines will be able to
reduce their administrative overheads and channel the savings to offer a
better travel experience to fliers. A recent study conducted by FTI
Consulting, and commissioned by Travacoin on the commercial feasibility
of using digital tokens for refunds and compensation for flight delays
indicates that Travacoins will save airlines between 20% and 40% of what
they are currently paying passengers in cash and will also increase
customer loyalty towards airlines through improved convenience during
travel disruptions like airline delays.
Brian Whelan, Chief Executive Officer of Travacoin said,
“Travacoin is a unique solution to a common problem faced by the
airlines industry today. With every delay, be it caused by a staff
strike or a technology problem, comes an increasing number of claims
from passengers. Airlines respond defensively, consequently losing
customer loyalty as well as millions in hard currency along the way.
This solution offers airlines a cost effective way to reconnect with
their passengers in a positive way, turning adversity into opportunity.
As we expand, the plan is to grow the solution to encompass other
payment and settlement functions, turning Travacoin into a unique
payment solution for the entire travel industry. Wipro’s deep domain
know-how of the industry processes, blockchain expertise, and ability to
rapidly co-innovate and scale-up the solution has been critical to our
success.”
Krishnakumar N Menon, Vice President – Service Transformation and
Blockchain Theme Leader, Wipro Limited said, “We are encouraging
blockchain innovation by actively engaging with firms focused on solving
real-world business problems. It has been exciting to work with
Travacoin to build an innovative industry-leading travel currency for
the airline industry. The blockchain-based solution will help airlines
optimize costs through the reduction of administrative overheads and
facilitate quicker payments and settlements.”
Wipro is a recognized leader in implementing blockchain technology for
its clients, providing strategic advisory and consulting services
combined with a deep portfolio of industry solutions. Wipro is committed
to creating strong blockchain communities while developing talent for
building extensive technology expertise across multiple leading
blockchain platforms such as Hyperledger Fabric, Etherum, Quorum, Corda,
Mutichain, Hyperledger Indy and Hyperledger Sawtooth. The company is
also involved in a number of distributed ledger technology consortia and
alliances including the Hyperledger project, the Ethereum Enterprise
Alliance, the Energy Web Foundation and the Blockchain in Transport
Alliance. To learn more, click
here.
About Wipro Limited
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading global
information technology, consulting and business process services
company. We harness the power of cognitive computing, hyper-automation,
robotics, cloud, analytics and emerging technologies to help our clients
adapt to the digital world and make them successful. A company
recognized globally for its comprehensive portfolio of services, strong
commitment to sustainability and good corporate citizenship, we have
over 175,000 dedicated employees serving clients across six continents.
Together, we discover ideas and connect the dots to build a better and a
bold new future.
Forward-looking and Cautionary Statements
Certain statements in this release concerning our future growth
prospects are forward-looking statements, which involve a number of
risks, and uncertainties that could cause actual results to differ
materially from those in such forward-looking statements. The risks and
uncertainties relating to these statements include, but are not limited
to, risks and uncertainties regarding fluctuations in our earnings,
revenue and profits, our ability to generate and manage growth, intense
competition in IT services, our ability to maintain our cost advantage,
wage increases in India, our ability to attract and retain highly
skilled professionals, time and cost overruns on fixed-price, fixed-time
frame contracts, client concentration, restrictions on immigration, our
ability to manage our international operations, reduced demand for
technology in our key focus areas, disruptions in telecommunication
networks, our ability to successfully complete and integrate potential
acquisitions, liability for damages on our service contracts, the
success of the companies in which we make strategic investments,
withdrawal of fiscal governmental incentives, political instability,
war, legal restrictions on raising capital or acquiring companies
outside India, unauthorized use of our intellectual property, and
general economic conditions affecting our business and industry.
Additional risks that could affect our future operating results are more
fully described in our filings with the United States Securities and
Exchange Commission. These filings are available at www.sec.gov.
We may, from time to time, make additional written and oral
forward-looking statements, including statements contained in the
company’s filings with the Securities and Exchange Commission and our
reports to shareholders. We do not undertake to update any
forward-looking statement that may be made from time to time by us or on
our behalf.
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