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Published on : Tuesday, December 13, 2016
Microsoft and Webjet have partnered to revolutionize how the travel industry does its online payments and hotel bookings. The first ever blockchain proof-of-concept solution or PoC is definitely the new big chain evolving in the travel industry.
Blockchain is a digital ledger shared among a distributed network of computer systems. It shows all the transaction histories made by whoever in that network. By adopting this solution, it will be much easier for companies to detect mismatches and the potential of fraud in the future.
This solution will eventually become mandatory in the travel industry as millions of transactions take place every day. For a single stay in a hotel included multiple transactions in the distribution chain and going through this variety of layers of transactions, chances of fraudulent services are very high. By utilizing the new solution, error in the encoded data can be a thing of past and thus save money as well as time by streamlining the entire procedure.
Webjet and Microsoft’s blockchain solution is the first one to be utilized in the travel industry. They see a potential of creating a new standard in the industry once they utilize the solution. In short, PoC will be disruptive because companies will have better customer service and faster processes if they adopt the system as well. And because the process is streamlined, it save the company money resulting in cheaper travel costs as well.