Digital travel company Webjet has unveiled a new blockchain-based technology that enables error free hotel bookings.
Established in 1998, Webjet is a digital travel business spanning both global consumer markets (through B2C) and wholesale markets (through B2B). It has operations in Australia, New Zealand, North America, Singapore and Hong Kong.
Called Rezchain, the blockchain-based technology enables users to eliminate costly discrepancies that occur in up to 5% of hotel booking transactions. Pioneered in collaboration with Microsoft, Rezchain claims to be the first application of blockchain to verifying hotel reservations.
“Rezchain is like a combined virtual handshake and early warning system,” Webjet said in a press release. “It enables any two parties to verify that their hotel reservation data matches across both booking systems and, conveniently, no sophisticated IT integration is needed.”
According to Webjet, all bookings made or modified between two Rezchain connected parties are updated daily on the platform. Rezchain then uses smart contracts and blockchain technology to highlight issues in data submitted, based on agreed matching criteria. When there is a discrepancy or mismatch, an email alert is triggered to tell both parties that they should take action to correct the records on one side or the other. If data is received for a new booking from only one party, Rezchain records that as an “incomplete” booking and notifies both sides that one party has the booking recorded and the other side doesn’t.
Webjet Managing Director John Guscic said that the settlement process between suppliers can be a time-consuming and costly process.
“With multiple IT systems speaking different languages, mistakes are probable, and the default position is often to write off debts when the situation is not clear,” Guscic said. “For years, the industry considered it a cost of doing business. But, with Rezchain, it doesn’t have to be that way any longer.”
Source: Read Full Article