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Blockchain is the latest innovation to take charge of holiday planning. It is expected to stop the industry as much as Expedia, Airbnb and Priceline have considered planning online vacations. German company TUI Group, the largest tourist company in the world, is also the pioneer of the world to integrate the blockchain in the travel industry. In fact, the CEO of the company, Friedrich Joussen, has such a belief in technology and its likelihood of replacing the services of companies like Expedia, which the TUI Group has sold Hotelbed in 2016 for $ 1.6 billion to get the company out of the travel aggregator business.
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TUI Group With 1,600 travel agencies, six airlines, over 380 hotels, 16 cruise ships and other tourism-related initiatives, TUI Group is an international tourism group serving around 20 million customers. He currently hosts all his contracts on a private blockchain; however, business leaders believe their blockchain platform can be made public so that agents and customers can access them to book travel. Joussen said"If you want to target 20 million customers individually, you need the latest IT technology, so blockchain is not the internet, blockchain is the next Internet."
How blockchain can manage the travel inventory
Blockchain is an open and distributed database that is highly secure and is the underlying technology of cryptocurrencies like Bitcoin. Basically, it is a computer file used for storing duplicate data entirely on multiple computers. No person or company checks the file. The data in the blockchain is encoded and the only way to change it is if you have the "key" to the chain block you wish to edit or read. Historical data on the chain can not be lost or damaged. In addition to its uses in the financial world, blockchains are used whenever transactions need to be securely recorded, such as in supply chains, shipping details, government records, property rights, patient files, charitable contributions and more.
While TUI Group manages its internal smart contracts that can be automatically executed with blockchain, they eventually see how blockchain could be the basis for a system that maintains the real-time records needed in the travel industry. For example, hotels that have an extra inventory to sell could update the blockchain with that inventory and everyone could see the price and interact directly with the hotelier. It was Joussen quoted in the Skift newspaperas mentioned, "It is cheaper, has higher performance and is accessible from anywhere: it is a pure cost equation."
The BedSwap project of the company uses a blockchain-enabled system to maintain real-time recordings of hotel bed inventories. The inventory of the bed can therefore be offered in all markets within a few seconds and an intermediary such as Expedia is not required to handle the information. If this technology is implemented in the industry, and anyone can view the availability in real time of rooms or flights, Joussen predicts that there will be millions of savings in the coming years.
While TUI has been committed to building its internal system to manage its inventory of beds and play with the idea of making it public, Winding shaft it is another company that works to develop a decentralized public travel ecosystem to distribute the travel inventory. The two companies have had conversations, but Winding Tree believes its public version is safer and its goal is to create a solution for the entire industry. If they succeed, anyone would be able to secure the rooms on the blockchain without intermediaries setting rates. In this reality, it would be up to hotels and airlines to set commissions (how tall or none) rather than a third party that imposes them.
Advantages of blockchain in the travel industry
While the blockchain is being tested and tested, there will be benefits for the travel industry. Here are some:
• & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; A decentralized market is equivalent to a democratized market.
• & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; A blockchain system is controlled by everyone involved and can not be manipulated.
• & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; Cost savings and efficiency will be achieved as intermediaries will no longer be part of the process.
• & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; Blockchain provides an immutable and secure payment and data transfer platform.
• & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; The cost to set up a blockchain system is less than setting up and maintaining a system like Expedia.
• & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; Blockchain could enable a loyalty rewards program that is easy to implement.
Will you move to the blockchain the next time you travel? Only time will tell. It is certainly an intriguing possibility.
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Blockchain is the latest innovation to take charge of holiday planning. It is expected to stop the industry as much as Expedia, Airbnb and Priceline have considered planning online vacations. German company TUI Group, the largest tourist company in the world, is also the pioneer of the world to integrate the blockchain in the travel industry. In fact, the CEO of the company, Friedrich Joussen, has such a belief in technology and its likelihood of replacing the services of companies like Expedia, which the TUI Group has sold Hotelbed in 2016 for $ 1.6 billion to get the company out of the travel aggregator business.
TUI Group With 1,600 travel agencies, six airlines, over 380 hotels, 16 cruise ships and other tourism-related initiatives, TUI Group is an international tourism group serving around 20 million customers. He currently hosts all his contracts on a private blockchain; however, business leaders believe their blockchain platform can be made public so that agents and customers can access them to book travel. Joussen said"If you want to target 20 million customers individually, you need the latest IT technology, so blockchain is not the internet, blockchain is the next Internet."
How blockchain can manage the travel inventory
Blockchain is an open and distributed database that is highly secure and is the underlying technology of cryptocurrencies like Bitcoin. Basically, it is a computer file used for storing duplicate data entirely on multiple computers. No person or company checks the file. The data in the blockchain is encoded and the only way to change it is if you have the "key" for the chain block you wish to edit or read. Historical data on the chain can not be lost or damaged. In addition to its uses in the financial world, blockchains are used whenever transactions need to be securely recorded, such as in supply chains, shipping details, government records, property rights, patient files, charitable contributions and more.
While TUI Group manages its internal smart contracts that can be automatically executed with blockchain, they eventually see how blockchain could be the basis for a system that maintains the real-time records needed in the travel industry. For example, hotels that have an extra inventory to sell could update the blockchain with that inventory and everyone could see the price and interact directly with the hotelier. It was Joussen quoted in the Skift newspaperas mentioned, "It is cheaper, has higher performance and is accessible from anywhere: it is a pure cost equation".
The BedSwap project of the company uses a blockchain-enabled system to maintain real-time recordings of hotel bed inventories. The inventory of the bed can therefore be offered in all markets within a few seconds and an intermediary such as Expedia is not required to handle the information. If this technology is implemented in the industry, and anyone can view the availability in real time of rooms or flights, Joussen predicts that there will be millions of savings in the coming years.
While TUI has been committed to building its internal system to manage its inventory of beds and play with the idea of making it public, Winding shaft it is another company that works to develop a decentralized public travel ecosystem to distribute the travel inventory. The two companies have had conversations, but Winding Tree believes its public version is safer and its goal is to create a solution for the entire industry. If they succeed, anyone would be able to secure the rooms on the blockchain without intermediaries setting rates. In this reality, it would be up to hotels and airlines to set commissions (how tall or none) rather than a third party that imposes them.
Advantages of blockchain in the travel industry
While the blockchain is being tested and tested, there will be benefits for the travel industry. Here are some:
• A decentralized market is equivalent to a democratized market.
• A blockchain system is controlled by all stakeholders and can not be manipulated.
• Savings and greater efficiency will be realized as intermediaries will no longer be part of the process.
• Blockchain provides an immutable and secure payment and data transfer platform.
• The cost to set up a blockchain system is less than setting up and maintaining a system like Expedia.
• Blockchain could enable a loyalty rewards program that is easy to implement.
Will you move to the blockchain the next time you travel? Only time will tell. It is certainly an intriguing possibility.
