B2B accommodation platform has rolled out Rezchain, a blockchain based system which the company says will eliminate discrepancies.
Smart Contracts and blockchain tech is used to ensure hotel booking amendments are agreed and recorded between all the relevant parties.
WebBeds says about one-third of hotel bookings are amended in some way after the initial reservation is made and 1 in 10 bookings have some form of manual intervention.
Rezchain makes sure all transactions match across both booking systems, which eliminates invoicing disputes and lost revenue.
"Settlement between hotel suppliers and travel partners can be a complex, time consuming and ultimately costly process. For years, the industry considered it a cost of doing business but with Rezchain, it doesn’t have to be that way any longer," said John Guscic, Webjet MD.
Rezchain has been tested over several months and is now available to any travel business that transacts over the internet using an XML interface.
