Blockchain and Travel: A New Era
Imagine a world in travel where hotel commissions are processed with the efficiency of a well-oiled machine. Welcome to the collaborative universe of Travelport, IBM, and BCD Travel, where a blockchain platform is on the verge of transforming hotel commission reconciliation.
The Partnership and Objectives
As of August 20, these travel titans have embarked on a mission to infuse blockchain technology into the fabric of hotel commission processing. The goal? To optimize the tracking and accounting of commissions owed by hotels to booking agencies—because let’s be honest, who likes when numbers don’t add up?
What’s Driving the Change?
Commission discrepancies can be as delightful as a surprise traffic jam. According to Ross Vinograd, Travelport’s senior product director, complications like traveler modifications at property, no shows, and complimentary room nights lead to revenue loss. All hands on deck: the blockchain could bring the lifecycle of a booking to the forefront, promoting transparency and trust.
The Technological Framework
These companies are leveraging the IBM Garage, a consultancy that guides customers through the technological maze and helps in crafting innovative applications. With the collective brainpower of industry stakeholders, there’s a robust push towards getting this project ready for a pilot program. Talk about a coming together of the minds!
The Bigger Picture
The conversation around blockchain in travel continues to grow. Recently, Glenn Fogel, the newly minted CEO of Booking.com, suggested that blockchain-based currencies will blossom in popularity. His vision for travel payment systems? To make them seamless and prioritize data security. After all, who wants their hard-earned cash floating away in the digital ether?
Global Trends in Blockchain Adoption
It’s not just the big players getting in on the blockchain action. The national carrier of the United Arab Emirates, Etihad Airways, has partnered with Winding Tree, a blockchain-based travel platform, exploring how this technology can lead to more efficient distribution systems. Clearly, the travel industry is in for a thrilling ride.
Conclusion
As Travelport, IBM, and BCD Travel chart unknown waters with their blockchain platform, the potential to reshape hotel commission reconciliation holds great promise. If all goes according to plan, we might just see a future where smooth transactions and transparency reign supreme, making travel a more enjoyable affair for everyone involved!
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