Lennük | Vision
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Vision

Lennük plans to revolutionize the travel industry on blockchain technology.

Blockchain and Travel: The perfect match

The characteristics of the airline industry—and also the broader travel industry—align very well with the capabilities of the blockchain.

Data sharing among multiple actors and touchpoints powers the travel journey. From booking to arrival, players can include airlines, online travel platforms, card providers, airports, immigration, government, hotels, car rental agencies and more.

Each actor requires, collects, stores and often shares traveler and operational information. In fact, a web of complex and seemingly endless data reconciliation is happening behind the scenes of every touchpoint of every traveler’s trip.

With so many systems in play—airlines alone house data in many isolated systems from passenger service to crew management—data exchange is not always smooth. And in the airlines industry, not only are operational integrity and revenue generation at stake when something goes wrong, but so is safety and security.

How Lennük helps the average consumer?

  • Lennuk is a blockchain-based distribution platform for the travel industry. Today the travel industry is highly concentrated on the distribution front due to core inefficiencies of the internet. The need of a trusted party on the internet allowed intermediaries to concentrate the sector and raise the barrier of entry for new startups. In travel, consumer facing intermediaries often source their inventory from other B2B intermediaries causing double marginalization and inflating the prices.
  • Lennuk is building a decentralized alternative, to the current concentrated travel distribution landscape, where anyone can access inventory directly from the suppliers. The travel industry is particularly suitable for a decentralized marketplace as the suppliers are experts in what the blockchain cannot provide: customer service and arbitration.
  • Initially we’re positioning the platform as B2B, we already have suppliers and resellers committed to the platform. B2B will allow for mainstream adoption and incentivize suppliers to list their inventory. Blockchain savvy users will be able to book directly through the blockchain. However, we do not expect the average traveler to have any blockchain experience, just as today most don’t have any understanding of the TCP/IP protocol used to book their travel.
  • Lennuk is public and permissionless, allowing anyone to source inventory from the platform. Today distribution fees are arbitrarily set by the concentrated intermediaries, Lennuk gives everyone access to the inventory directly at the source enabling permissionless innovation and allows the free market to determine
    distribution costs.
  • The fuel of our platform is the Nük token. Nük is an ERC20 compatible token with added functionality required by travel companies to send the necessary information within transactions. Nuk tokens will have three additional methods, compared to the basic ERC20 token, through which the token holder is be able to send value, data, and/or execute a function on those transfers. This brings extra value and use cases to the token, allowing companies to design more complex and tailored applications on our platform.
  • Beyond the technological advantages of Nuk it also has the benefits of other cryptocurrencies such as reduced transaction costs and, particularly important for the travel industry, cheaper international payments. A simple travel booking today can go through multiple FXs. With Nuk every party is able to only FX what they need without bearing other parties FX costs.
  • Settlement is also a significant cost for the travel industry today, Nuk tokens can be programmed to automatically settle costs. Government departments, airports, staffing agencies and suppliers have a high incentive for settlements to be automated while ensuring on-time payments, low cost of verification, and
    cutting the currently high costs of settlement.

What We Do?

Possibility takes flight
It’s easy to see why using blockchain technology for enhanced reconciliation and data sharing is a compelling value proposition for this industry. The most creative and disruptive possibilities go beyond pure financial transactions. Consider the following:

    • Ticketing. An e-ticket is, in essence, a database entry—information that would have been printed on a paper ticket dematerialized, stored in and called up from a massive database. The blockchain can tokenize this asset and further dematerialize it. Through the use of smart contracts associated with the asset, airlines can add business logic and terms and conditions around how the ticket is sold and used through the Lennük platform. This opens the door for tickets to be sold by different partners, and in real time, from anywhere in the world.
    • Loyalty. Loyalty is big business in air travel. In traditional loyalty points schemes, travelers often have to wait until points settle and accrue to use them, and they are limited on where they can spend them. By tokenizing loyalty points on the blockchain, travelers can get instant value by redeeming them on the spot. They can also use them more broadly through a specific user community of partners. Think of it as a marketplace or exchange model. With points accepted as “currency” among more providers, travelers get an easier and faster-to-use program that is more relevant to their personal preferences.
    • Security and identity. Protecting data privacy is a clear issue when it comes to passenger records, flight manifests and crew information. Not to mention the security implications that are in play today’s world if this data is not properly protected. Blockchain technology with a security wrapper creates a very different and less risky way of managing and sharing this information through the use of authorized access requirements.
    • Maintenance. Blockchain technology can transform maintenance logs, which at best are in cumbersome databases and, at worst, are in paper binders. The blockchain can help the industry ensure that parts procured are legitimate and can offer a “virtual copy” immutable record of the provenance of every part on the plane, every time it has been handled and by whom, from the beginning of the aircraft’s existence. This visibility is profound, and can take the practice of maintenance, safety and aircraft security to new levels.