Boom's supersonic jets could cut your flight time in half within the next decade

After the demise of the Concorde supersonic jet in 2003, flight times have stayed relatively constant — but Blake Scholl, founder and CEO of Boom Technology, says air travel could get a speed boost in just a few years.

Scholl says passengers could be traveling on his company's supersonic planes within the next decade. "We're flying our first prototype end of next year. This is not something that's science fiction or decades off, this is something happening very quickly," Scholl said Monday on CNBC 's "Squawk Alley."

"We're looking at passengers in the early 2020s. That flight from San Francisco to Tokyo that takes 11 hours today shrinks to less than five and a half."

The Concorde never turned a profit, but Scholl says new development technology makes his company's jets faster and less costly for passengers.

"Concorde was designed half a century ago with slide rules and wind tunnels. Today we've got better aerodynamics, new materials, better engines, and all that adds up to a 75 percent reduction in operating cost," he said.

Scholl said 1,300 supersonic jets could be built over 10 years, according to third-party projections.