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Digital travel company Webjet has announced the launch of a blockchain platform that will enable users to eliminate discrepancies in hotel bookings.
Called Rezchain, it is a cross-platform travel booking verification technology that makes use of blockchain. It basically allows two parties to verify that their hotel reservation data matches across both booking systems.
The objective is to “eliminate costly discrepancies that occur in up to 5% of hotel booking transactions,” the firm said.
All bookings made or modified between two Rezchain connected parties are updated daily on the platform. Then, using smart contracts and blockchain technology, Rezchain highlights issues in data submitted on the basis of the agreed matching criteria. In case of a discrepancy or mismatch, it triggers an email to inform both parties about the required correction of records.
Rezchain, built on a private version of ethereum, will help streamline the hotel booking process by reducing error, preventing issues “at the hotel”, eliminating out-of-pocket costs associated with booking data discrepancies, saving time spent on reconciling bookings, and facilitating harmonious relationships between buying and selling partners.
“Settlement between hotel suppliers and travel partners can be a complex, time consuming and ultimately 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. For years, the industry considered it a cost of doing business. But, with Rezchain, it doesn’t have to be that way any longer,” John Guscic, Managing Director, Webjet, said.
The technology has been pioneered in collaboration with Microsoft through the Azure blockchain-as-a-service sandbox, CoinDesk reported.
Webjet said that it has been trialing Rezchain with all of its brands successfully for several months. The platform is now being made available to businesses in the travel industry, transacting over the internet via an XML interface.
“After an introductory 30-day free trial, the cost of using it will be just a few cents per transaction,” the release said.
