Blockchain Project Underway to Revolutionize Global Travel
The European airlines, Air France KLM, announced a major collaboration October 4th with Winding Tree, a nonprofit based in Switzerland. The joint project will utilize blockchain technology to significantly improve the larger travel industry by offering users low-cost travel opportunities that benefit businesses. The Winding Tree was originally established last year operating on blockchain technology, it functions as a distribution network for travelers.
The airlines explained its purpose for taking part in the collaborative blockchain project stating that it will provide support to the firm by running tests on the blockchain platform and relaying feedback throughout the developmental process. The Winding Tree is also in partnership with another major industry player, Nordic Choice Hotels, as a means to cut out middlemen such as Booking.com.
Blockchain Revolutionizing the Travel Industry
The airline’s Strategy and Innovation VP, Sonia Barriere, explained that these partnerships are part of the airlines’ mission to help improve and facilitate innovations for the Travel Industry. Air France-KLM aims to establish services and solutions that help personalize a travelers experience. She also noted that through the use of blockchain technology the partnership intends on revolutionizing major changes for consumers and businesses alike.
According to Winding Tree’s Chief Executive Officer, Pedro Anderson, the collaboration with major entities such as KLM helps the firm utilize blockchain technology to provide true innovation in addition to boosting consumer satisfaction.
Blockchain Pioneers Within the Travel Industry
The latest news of this blockchain project has coincided with a recent boost in crypto markets pertaining to the travel industry. During February 2018, StormX, the creator of a crypto-based application called Storm Play, began providing customers with the ability to buy top range airline tickets using digital assets. StormX’s Chief Executive Officer, Simon Yu, described the solution as a major jump towards bridging the gap between travel and crypto markets.
Similarly, CheapAir.com also announced the official acceptance of other digital tokens including LTC as a method for purchasing both hotel stays and tickets in May 2018. The website had previously exclusively accepted BTC. This trend towards the institutional acceptance of cryptocurrencies goes hand in hand with a growing need for digital asset users to utilize crypto funds directly for daily spendings. From as early as 2013, CheapAir.com became a pioneer in the travel industry, officially accepting BTC as a payment method. As the crypto community continues to grow within the mainstream sphere, users are eager to directly spend digital assets rather than undergoing the extended process of converting them, particularly pertaining to leisure and travel related services and products.