Webjet adopts blockchain to improve bookings
Australian travel booking company Webjet has built an industry-first proof-of-concept system to extend the benefits of blockchain distributed database technology to the booking process.
Webjet’s Lots of Hotels and Sunhotels brands are using the proof-of-concept platform, which was developed in collaboration with Microsoft.
The brands plan to extend the trial to cover blockchain’s automated features during the next phase of the trial.
Blockchain is the technology underpinning cryptocurrency Bitcoin. It involves storing a distributed ledger of transactions secured from tampering and unauthorised revision. Webjet is exploring using the technology to reduce the potential for discrepancies that emerge due to the volume of bookings passing through multiple systems.
Webjet Managing Director John Guscic said such discrepancies are estimated to impact between 5 and 10% of global travel industry bookings, representing up to $10 billion worth of transactions.
The technology also has the potential to streamline payment processes while improving transaction data security.
“Working together with Microsoft, we discussed the challenges faced in our wholesale hotel environment and decided to explore blockchain as a solution to meet the needs of our business,” Guscic said.
“Blockchain eliminates transaction errors by having an indisputable record of truth. As we’ve tested the technology, we quickly realised it had the potential to improve processes with the rest of our travel partners who face similar complexities.”
The proof-of-concept technology has the potential to become a new industry standard and help reduce costs across the travel industry, he said.
“We realised facilitating bookings in the travel industry through blockchain could become an additional business we could enter in the future, and the same technology could also help solve problems outside the travel industry. Undoubtedly, the blockchain technology built with Microsoft is an exciting opportunity for us over the next few years.”
CrowdStrike to buy Adaptive Shield
CrowdStrike is augmenting its SaaS security capabilities through the acquisition of Israeli-based...
LockBit named nastiest malware of 2024
LockBit, a ransomware malware known to have been used to attack Australian targets, has been...
Extreme Networks launches ZTNA solution
Extreme Networks' new ExtremeCloud Universal ZTNA solution combines cloud network access...
