cheryl
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Blockchain and Travel: Distributed Ledger Technology is Changing the Business of Airlines and Travel Agencies - Skift
Airlines and travel agencies have never faced so many challenges around identity, service, and connecting travelers to positive experiences across the lifecycle of every trip. From chargebacks to fraud, from distribution logistics to the rapidly expanding universe of data-management choices, when it comes to solving for the digital realities of travel today, the stakes are high.
Fraud costs airlines some $1 billion annually, according to the IATA. Distribution and other fees have totaled more than $10 billion in recent years, Skift reports. The good news is, solutions are developing at the pace of technology.
The development and evolution of blockchain technology, potentially the most important step in the evolution of travel business in the history of the industry, is underway. Innovating companies are building blockchain platforms that stand to transform the payment and settlement ecosystem. In the following sections, we look at key factors already coming into focus for players in the travel space.
Airlines and travel agencies have never faced so many challenges around identity, service, and connecting travelers to positive experiences across the lifecycle of every trip. From chargebacks to fraud, from distribution logistics to the rapidly expanding universe of data-management choices, when it comes to solving for the digital realities of travel today, the stakes are high.
Fraud costs airlines some $1 billion annually, according to the IATA. Distribution and other fees have totaled more than $10 billion in recent years, Skift reports. The good news is, solutions are developing at the pace of technology.
The development and evolution of blockchain technology, potentially the most important step in the evolution of travel business in the history of the industry, is underway. Innovating companies are building blockchain platforms that stand to transform the payment and settlement ecosystem. In the following sections, we look at key factors already coming into focus for players in the travel space.