You're going to have a tough time convincing airlines to sign up to use your product. You'll be asking them to pay you $$ to lose more $$ each time something goes wrong - very oxymoronic to an already razor-thin margin business.
I would agree that this is true. I would also say that the entire product doesn't make sense. There is no reason to blockchain something that is centralized. The blockchain would need information from the airlines and there is no way around that. So why not just go directly from the airlines to the customer? There is no reason for them to go from the airline, to a third party blockchain, and then back to their customer. It's complete nonsense. It's also just another unnecessary thing the user needs to sign up for an manage. The airlines already know their customer, they already know if their planes are running on time, and they already know how to contact the customer. This is not a problem a blockchain can resolve. It also begs the question, why aren't they doing this already? Which suggests there is a reason they aren't doing it already... And the most obvious reason is because it costs them more money in payouts to customers. As I see it, there is no possible way an airline would use something like this. It adds no value that they can't already provide themselves.
There is no reason for them to go from the airline, to a third party blockchain, and then back to their customer.
In a sense the airline is already doing this, but not in an efficient way. The problem is that you may have never had to claim a voucher from an airline so you are not aware of the mounds of read tape you must go through to even get the voucher.
It's also just another unnecessary thing the user needs to sign up for an manage.
The user does not need to sign up for anything, this voucher will come to your email address, all you have to do is redeem it.
The airlines already know their customer, they already know if their planes are running on time, and they already know how to contact the customer. This is not a problem a blockchain can resolve.
Again, this process is not automated, when your flight is delayed, the airline does not willingly send you a voucher. If you are in the EU, they have established regulation 261 which states that airlines are required to compensate passengers for flight delays greater than 3 hours and longer than X amount of miles, but ask any of your buddies across the pond how convoluted this process is and how long it takes to receive compensation.
As I see it, there is no possible way an airline would use something like this. It adds no value that they can't already provide themselves.
Did you know that there are several companies who charge consumers 25% of the total compensation to process their flight delay claims to the airlines? Airhelp has made $85 million since 2013 and the total passenger rights market is valued at 3.3 billion annually. So why wouldnt the airline want to look at this market? Also, brand loyalty is the biggest catch here, for me...I only fly Alaska Airlines, why? Because of the service they provide to me, I am always treated well and i dont have major issues. You know what they get from me in return? I have a credit card with them, any business flight i take is with them and im more likely to spend extra on upgrades and perks. Airline customer loyalty is driven by service, not price.