Airline settlement firm Airlines Reporting Corp. has made an investment in blockchain startup Blockskye.
It marks ARC’s first major venture capital investment in a startup, and has been working closely with rBlockskye ecently.
It follows the successful completion of a joint proof-of-concept project earlier this year to ascertain the feasibility of reporting and settlement of air ticket transactions using blockchain tech.
The two companies collaborated on the project with United Airlines and one of its major corporate clients.
"Our recent collaboration makes us optimistic that there are near-term use cases for blockchain that drive strategic benefits and pull these already close relationships even closer," ARC president and CEO Mike Premo said.
"We’re delighted to make ARC’s first ever outside investment in Blockskye to support the development of this forward-thinking company."
Blockskye is a blockchain solutions developer specializing in the travel industry.
Last year ARC settled $94.8 billion in ticket transactions between airlines and travel agencies, which accounts for more than 295 million passenger trips.
