It is just less than 24 hours when UN Secretary-General came out to explain why the organization should adopt blockchain, A German airline, travel firm has come out to explain how the tech has developed its business.
The blockchain technology has no doubt clear implications for the way it can completely change an industry as it continues to have giant stride on the financial world.
TUI Group, one of the biggest travel firms in the world revealed a new revolution within their business development thanks to blockchain tech as a major part of their business model.
The German firm adopted the technology with its operations thanks to Joussen’s words.
One of the first projects the firm began with the tech was named BedSwap. It uses blockchain technology to record hotel inventories, allowing the company and its partners to manage hotel room availability more effectively.
The technology has made the company more technologically advanced compared to its contemporaries and ahead of their direct competitors.
It is further said that should TUI develop an advanced blockchain solution for the travel industry, its rivals and competitors will want to do the same too.
This will no doubt trigger healthy competition within the industry, helping blockchain technology to continue to grow and change other industries.
Other prospects for blockchain technology in the aviation sector
The UN’s specialized agency for aviation President has also said that blockchain technology could offer tremendous benefits across aviation systems globally.
The technology has the capability of easing several aviation processes for both aviation workers and patrons alongside the fact that using the technology can bring about enhanced reconciliation and data sharing.
The most creative and disruptive possibilities with the tech for this sector goes beyond pure financial transactions.
With blockchain tech, an e-ticket is dematerialized, stored in and called up from a massive database.
The blockchain can tokenize this asset and further dematerialize it. Through the use of smart contracts associated with the asset, airlines can add business logic and terms and conditions around how the ticket is sold and used.
This opens the door for tickets to be sold by different partners, and in real-time, from anywhere in the world.
Protecting data privacy is a clear issue when it comes to passenger records, flight manifests and crew information.
Not to mention the security implications that are in play today’s world if this data is not properly protected.
Blockchain technology with a security cover creates a very different and less risky way of managing and sharing this information through the use of authorized access requirements.
About TUI group
TUI is a world-leading tourism group. The broad portfolio gathered under the Group umbrella consists of strong tour operators, 1,600 travel agencies and leading online portals, six airlines with around 150 aircraft, over 380 hotels, 18 cruise liners and many incoming agencies in all major holiday destinations around the globe.
Featured image from: steemit