Microsoft and Webjet have teamed up to revolutionize how the travel industry processes its online payments and hotel bookings. The big change that will disrupt the industry is via the first ever blockchain proof-of-concept solution or PoC in short.
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.
Such solution is essential in the travel industry where millions of transactions are happening and a single hotel stay includes multiple transactions in the distribution chain. Since transactions have to go through different levels, there is a high risk of fraud and error in the encoded data.
By utilizing such solution, they can save time and money as well because it streamlines the whole payment and booking process.
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.
At first, Webjet didn't realize when they tested the blockchain PoC that this could revolutionize the whole industry. All they wanted was make their company's process more efficient. However, as they began testing it, they see that it can be used by other agencies as well.
Webjet will slowly adopt the blockchain PoC solution. They will implement it in three stages with Webjet's PoC live as the first recipient as well as their Lots of Hotels and Sunhotels brands. The second stage involves the same brands using the blockchain's automated features while the third stage will include selected external parties to use the system.
