Travel booking company Webjet, based in Australia, has launched a blockchain solution for the hotel industry to manage reconciliation in hotel distribution.
Reports in ZDNet said Webjet’s Blockchain-as-a-Service platform Rezchain deploys smart contracts to ensure hotel companies are able to reconcile accounts receivable (AR) and accounts payable (AP), and has just signed agreements with four travel brands to use the tool.
They include Thomas Cook in Europe, DidaTravel in China, Mitra Global in Indonesia and Far East Hospitality, a hotel chain. According to Webjet, the company tested the solution in-house with its own B2B partners before rolling it out to market. The Blockchain-as-a-Service tool enables hotel distribution companies to exchange data and manage AR and AP in real-time. Webjet said it estimates as much as 5 percent of hotel bookings involve a disputed invoice between parties.
The company expects corporates to begin participating in the expansion of the tool by operating their own mining nodes as blockchain technology becomes more familiar.
“It can be overwhelming for a travel company to consider adopting a new process that also requires a steep learning curve of a new technology,” said Webjet Head of Technology Graham Anderson, according to the publication. “Rezchain offers a simple entry point to blockchain efficiencies and allows companies to choose when and if they want to be part of the underlying infrastructure.”
According to reports, the company has been developing Rezchain for about two years.
The travel industry has showed interest in using blockchain in other ways.
Earlier this month, travel payments company WeTravel told PYMNTS that, while it is not a blockchain firm, it is interested in exploring the use of blockchain to facilitate faster cross-border payments between travelers and travel management companies.