Air New Zealand makes contract of blockchain technology

Air New Zealand and Winding Tree collaborate to implement a blockchain
23 November 2017   462

Representatives of the airline company from New Zealand reported about a conclusion of collaboration agreement with the Swiss travel company Winding Tree. Is it known that they are planning to use blockchain technology for doing businesses. It’s expected that these measures can help to provide security while ticket booking and doing another similar procedures. Air New Zealand stated as evidence of partnership with Winding Tree that they had invested some money in ICO of Swiss company.

The chief digital officer Avi Golan noticed that the using of blockchains in various spheres of airline’s activities helps to share information more rapidly and don’t be afraid of leak of data. For buyers such collaboration is beneficial too because all transactional costs will be reduced.

Air New Zealand is not the first airline to use blockchain. Russian S7 and Air France recently made statements about using such technology.


German Financial Regulator Clarifies Stance on ICOs

The Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) has clarified its position on ICOs
22 February 2018   29

German financial regulator admitted it was receiving many inquiries about the status of tokens and cryptocurrencies. According to an advisory letter, BaFin provides some basic definitions of ICOs and related terms. It is important because the results of a new survey showed that more than two-thirds of Germans know about bitcoin.

In this letter, BaFin educates the public and explains how tokens are typically generated, how blockchain works and that ICOs are used to raise funds for startup projects. The note states that for regulatory purposes, ICOs, tokens, coins, and cryptocurrencies are subject to the existing provisions in the field of securities supervision and other relevant national and EU laws.

The authority advises participants in ICOs to check and follow rules applicable to regulated financial instruments, such as securities. If businesses or individuals have any doubts about regulations, they should approach BaFin.

According to BaFin, companies should fulfill any obligations under the Banking Act and the Capital Investment Code, the Insurance Supervision Act and the Payment Services Supervision Act. The transactions may be prohibited if relevant regulatory requirements are not met.

The authority also states that legal classification of tokens requires precise examination. It will determine their status on a case-by-case basis after studying their features. The token should be transferable and tradable on cryptocurrency trading platforms in order to be classified as a security.