Digital Travel Agent Webjet Launches Its Blockchain-Based Platform

Digital travel firm Webjet has rolled out its long-in-development blockchain-based platform in an attempt to expel incongruities in hotel booking information. 

Working in collaboration with Microsoft through the company’s Azure blockchain-as-a-service sandbox since 2016, Webjet stated on November 7 that the new Rezchain application would address hotel reservation overcharges and snafus by searching for information mismatches in real-time between clients, hotels, and booking operators, and sending warnings if any are discovered.

Such mistakes are found in at least five percent of bookings, as indicated by the company. When discovered, they trigger “a time consuming and painful reconciliation process, resulting in heavy resourcing requirements and financial exposure.”

Established in 1998, ASX 200-listed Webjet has an online travel agent business all through Southeast Asia, Australia, and North America. The company additionally manages business-to-business accommodation platform WebBeds.

Consolidating a “virtual handshake” and email “early warning system,” Webjet says Rezchain takes advantage of the distributed nature of blockchain innovation, keeping data on a shared ledger to offer each party associated with online bookings up-to-the-moment data. As per its site, Rezchain is based on a private adaptation of ethereum.

Webjet managing director John Guscic said in an announcement:

“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. It doesn’t have to be that way any longer.”