Currently, the company works on a project called BedSwap, which uses blockchain tech as part of a system for maintaining real-time records of hotel inventories. The work could yield millions of euros in savings over the next several years, according to company representatives.
In the long-term, TUI is eyeing a shift to a system where it manages all information about its properties across a distributed network. The tech has the potential to disrupt large booking companies like Expedia, Airbnb and Booking.com, as their “monopolistic structures” are reliant on heavy ad spending, the company added.
Similar moves within the travel industry, of issuing passenger tickets using blockchain tech, or investing funds to study the possible applications of blockchain within the industry’s operations, have taken place in Russia during this summer.
TUI Group, based in Germany, owns more than 1,600 travel agencies worldwide, as well as airlines, cruise lines and other leisure business ventures. According to CoinDesk, the company boasts 20 million customers worldwide and reported more than USD 17 billion in 2016.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now