Blockchain might transform the way the entire travel industry handles online payments for hotel bookings, therefore the partnership has resulted in the building of smart contracts that Webjets representatives say resolve issues created by data mismatches due to the volume of bookings passing through multiple systems. Between 5 and 10 % of bookings can be impacted or, in other words, up to 10 billion dollars worth of transactions.
Blockchain is the underlying system that facilitates Bitcoin trading, but its application extends beyond simply finalising a payment. A blockchain is a shared, distributed ledger that can store the complete transaction history not just for cryptocurrency but for other kinds of records. Microsoft said the PoC project has proven the ability to create shared, independent, and trustworthy documents that remove the risk of data inaccuracies and streamline the payment processes in a way that has reduced fraud and establishes trust and accountability.
Webjet is rolling out the blockchain platform in three phases. The first phase involves the proof-of-concept which is currently live, with Webjets Lots of Hotels and Sunhotels brands trialling the platform. The second will see the same brands trial blockchains automated features, processing thousands of transactions weekly.
Following this, Lots of Hotels and Sunhotels will invite selected external parties to use the platform to demonstrate the benefits it delivers to the industry.
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