TapJets offers private jet bookings across all devices. Supports Crypto payments and adopted a Blockchain solution, hosting one of the first STOs in the US.
We’ve already seen multiple use cases of Blockchain in aviation which is astounding. Lufthansa and Singapore airlines are one of the biggest airline enterprises which spearhead this innovation. But to have a private jet charter company dealing with Cryptocurrencies takes the game to a whole new level. What made you decide to use Crypto as a form of payment for your services?
When we talk about Blockchain it is not just the currency aspect of the ecosystem. Yes, we enjoy the payment aspect of it very much, but what Blockchain really offers is an ability to build customer focused services that are based on transparency and information sharing. For example, an ability of clients to lookup insurance coverage or training of the pilots they are going to fly with.
We know for a fact that a demand for private jets has been on the rise in the past couple of years. People from different industries and niches are booking them to travel the world, or to go to another conference. How do people react when you explain them that your services include Cryptocurrencies, and how do you explain what Crypto (or Blockchain) is to those uninitiated?
Cryptocurrency as a payment is still at the early stages of the technology adoption curve. Just at the cusp of early adopters. So, we don’t have to do much explaining to the folks who are looking to spend their coins. It’s a huge alignment with our clients as a startup in the space, so we are about at the same adoption point as currencies and this is a huge synergy that drives Crypto sales on our platform.
You also mentioned that on top of Crypto you’ve been utilizing Blockchain features to conduct business since 2015. Can you pinpoint which Blockchain aspect you employ the most, and how has that reflected on your business endeavors?
Smart contracts – unfortunately the aviation industry is full of surprises and most of them boil down to financial transaction and accountability. Having smart contract in place for every flight is probably the biggest safeguard and process improvement in the industry.
Safety – Blockchain by nature is a single source of truth ledger. And as such for the folks who have the trust in technology it becomes very valuable resource when assessing aircraft maintenance records, crew training, and insurance coverages for each flight. Imagine a system where you get to learn about your pilot and a plane before you depart to the airport. It’s a much safer feeling when you are enjoying your glass of wine at 41,000 feet.
TapJets has been renowned, especially in the media, for hosting one of the first Security Token Offerings (STO) in the US. With the primary goal of incentivizing your shareholders with dividends, how did people react that on top of the “usual” services, they will procure additional assets as well?
We are US headquartered company with offices in Europe and Asia. It is natural for us to stay in compliance and be transparent about how we conduct business. What was important to us in our STO that we leverage both US friendly rules of protecting investors with non-US investors’ advantages and create equilibrium for all. Finally, with the flood and hurricane of ICO’s just before our offering we wanted to give our investors complete access to financials, updates, and finally share our success with them. That was the driving factor behind our approach to STO.
Now, if we go back a bit, how did you get involved with Crypto and Blockchain in the first place? Also, how big of an impact did the tokenization of assets had in your line of work? And ultimately, which Blockchain characteristic would you single out as being the most innovative?
My personal interest in Crypto was more around data security and distribution at first and then came the financial capability to instantly accept payments. The technology in my view is as revolutionary as the internet itself and is a force that will change the landscape of the financial system of the world. The single and most innovative aspect is the adoption. Considering the complexity, financial and fiduciary element of the ecosystem and how it is being governed there is no comparison in the history of the world to the speed of adoption and volatility of this technology and how it is being used.