TrustaBit Using Smart Contracts
TrustaBit is a software solution that allows airlines to automatically issue travel vouchers to passengers. For example, as soon as a flight is canceled, delayed or overbooked, TrustaBit will initiate automatic compensation to the passenger, according to the defined business rules (aka smart contracts). The best part is that this blockchain process is automated, so you don’t have to go through the laborious process of sending off tickets and filling in lengthy forms to claim a voucher.
TrustaBit is currently in the seed stage. Saritta Hines,founder and chief executive officer of TrustaBit, said: “While we cannot disclose any names, I can tell you that we are working hard to establish a strong network of strategic partnerships with airline industry leaders.”
Adoption and awareness are the company’s biggest challenges, according to Hines, who added: “Blockchain technology is still largely associated with Bitcoin and, as you may know, Bitcoin has received a good amount of bad press. As CEO of TrustaBit, it is my responsibility to make companies more aware of the benefits of the technology, as well as educate them on potential pitfalls and how to avoid them.”
“The internet is a great example. In the .com era, many assumed that the internet was filled with cat videos, spam sites and suspicious emails. This was half true. Indeed, there were nefarious sites, spam emails (and cat videos), but there were also many sites that provide invaluable services – things we could not imagine living without today. Now, we all know not to click on email links from users we do not know and do not use password1234 as our password!”
“The same can be said for blockchain technology. You should never share your private keys, you must be mindful of the transactions you are placing on a public blockchain and be wary of emails from users claiming to be ‘Binance Support’. While there are some inherent risks, the benefits of blockchain technology are far greater. Our challenge is, essentially, demystifying this relatively new technology,” Hines added. https://allwork.space/2018/03/introducing-two-very-different-ways-to-use-smart-contracts/