As shown by some news release on Aug. 20, the companies are collaboratively focusing on the invention of a blockchain-based platform in an effort to optimize hotel commission processing and reconciliation. Specifically, the item was made to track and accounts for the commission payments that hotels owe when travellers buy services through booking services.
Travelport and IBM are working within the frame of this IBM Garage — a consultation program for clients who would like to try out new technologies and also find new ways to build apps — with the involvement of industry stakeholders intending to create the project to a active pilot program.
“Traveler alterations in the real estate, no shows, and complimentary room nights are simply a couple instances that drive commission discrepancies which consequently generate escalations, cost, and sales loss. Our intent is to set the lifecycle of a booking on the block-chain and also we believe doing this will drive trust, transparency, and ultimately booking volume.”
On Aug. 20, Cointelegraph reported that Glenn Fogel — who was recently appointed CEO of Booking.com — thinks blockchain-based monies will continue to grow and could become increasingly popular. Fogel emphasized it needs to be eloquent, adding data security must be prioritized, when asked in traveling.
World leaders at the travel industry are gradually turning to blockchain technology. Recently, the national company of the United Arab Emirates, Etihad Airways, partnered using blockchain-based travel platform Winding Tree to explore how blockchain can assist with distribution.