Since its introduction in 2008, blockchain is on the rising as a technological powerhouse, transforming a multitude of industries worldwide, from food and finance to retail and transportation. Amongst the many companies working to implement blockchain technologies, two companies, TUI Group and Winding Tree, believe the technology will force gatekeepers to reposition themselves in the travel industry as well. In fact, the recent advancements of blockchain are expected to cut out the ‘middleman.’ According to Forbes, the technology will specifically alter the leverage of companies such as Expedia, Airbnb, and Priceline.
Winding Tree hopes to change the way in which rooms are secured and booked across the industry by eradicating the position of third-parties. The nonprofit wants to use the public ledger to seamlessly connect travelers to airlines, hotels, and tour guides. If executed, this blockchain platform will reduce the cost for service providers and travelers.
Similarly, the German company, TUI Group is also interested in using blockchain to revolutionize the way travel and service provider interact. TUI Group is largest travel company-housing 1,600 travel agencies, six airlines, over 380 hotels and 16 cruise liners. Recently, the company has launched BedSwap, aimed to manage bed inventory. The project utilizes the time-stamped nature of blockchain to update the availability of room and flights. Allegedly, the original interest of TUI Group was centered around the company’s advancement. However, Forbes reports Fritz Joussen, the CEO of TUI Group, has hinted toward plans to make the platform public. He also believes the technology will render millions in savings.
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