Various players in the travel industry have been exploring – and debating – blockchain-based solutions for a year.
A few years ago, as PhocusWire began delving into this topic, opinions were largely polarized—with some heralding it as a revolution in the making and others writing it off as a passing fad.
Fast forward to 2022 and there is more consensus that blockchain can provide a smarter, faster and more secure mechanism for transactions of any kind, which in travel can include booking, payment, settlement and identity.
Blockskye, Arise and Dtravel are three of the companies operating blockchain-based travel systems today.
In a session at the Phocuswright Conference, Blocksksye co-founder and co-CEO Brook Armstrong says the company — focused on corporate travel — currently handles about 2,200 transactions worth $1 million to $2 million each day. Blockskye’s partners include Kayak and United Airlines, and it is enabling direct bookings for a large corporate client.
According to Arise co-founder and CEO Nadim el Manawy, Arise operates a similar distributed ledger-based network for transactions between hotels and travel vendors such as online travel agencies and tour management companies. And Cynthia Huang is head of demand growth at Dtravel, which uses blockchain to power direct booking websites and a direct booking engine for vacation rentals.
In discussion with Phocuswright senior technology and corporate markets analyst Norm Rose, panelists explain how blockchain enables a new model that shifts ownership and management of data to individual users and creates a transparent and scalable source of truth between the parties in the transaction – increasing security. efficiency and income.
Watch the full panel discussion below.
Executive Panel: Blockchain – Game Changer or Bust?
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