Artificial intelligence-enabled travel platform Travelport, IBM and travel management company BCD Travel are conjointly developing a blockchain platform to contour hotel commission reconciliation.
According to a news release on August. 20, the businesses are collaboratively performing on the creation of a blockchain-based platform in a very bid to optimize hotel commission process. Specifically, the product is intended to trace and account for the commission payments that hotels owe once travelers obtain services through booking agencies.
Travelport and IBM are operating at intervals the framework of the IBM Garage — a consultation program for purchasers who wish to experiment with new technologies and realize new ways in which to create apps — with the participation of business stakeholders reaching to bring the project to a lively pilot program. Travelport’s senior product director Ross Vinograd said:
"Traveler adjustments at the property, no shows, and complimentary room evenings are basically a few models that drive commission errors that progressively produce accelerations, cost, and income misfortune.Our aim is to place the lifecycle of a booking on the blockchain and that we believe doing, therefore, can drive transparency, trust, and ultimately booking volume.”
On Aug. 20, Top Market Group reported that senator Fogel — who was recently appointed a chief executive officer of Booking.com — believes blockchain-based currencies can continue to grow and will become additional popular. Once asked regarding the long run of payment systems in travel, Fogel emphasized that it has to be seamless, adding that information security should be prioritized.
World leaders within the travel business are bit by bit turning to blockchain technology. Recently, Etihad Airways, the national carrier of the United Arab Emirates, partnered with blockchain-based travel platform Winding Tree to explore however blockchain will aid in distribution.
To know more on Cryptocurrency and Blockchain events, follow us on Facebook, YouTube, Twitter, LinkedIn, Reddit, Telegram, BitcoinTalk, and we are also on Medium now
