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Webjet rolls out blockchain platform to hotel partners
Australian travel booking site Webjet has expanded its blockchain project, rolling it out to some of its big trade partners.
The Rezchain blockchain powered system is being packaged as a ‘blockchain-as-a-service’ sandbox for Thomas Cook, China’s DidaTravel, Mitra Global from Indonesia, and hotel chain Far East Hospitality.
Rezchain allows the companies to address any accounts payable and accounts receivable discrepancies in real time.
Webjet says that up to 5% of hotel bookings result in a dispute of the amount invoiced and resolution of the dispute can often take months.
It claims Rezchain is the first blockchain powered platform in the hospitality industry where parties share the data ‘on chain.’
"Rezchain requires no technical integration on the part of the participating company; a simple daily file is all that is necessary to begin matching data and solving booking issues," said John Guscic, Webjet’s MD.
"In a low margin, high transaction volume business, it is essential to find ways to be more efficient and eliminate administrative burdens that add no value. It was this fundamental principal has led to the development of Rezchain."
Webjet has been developing the Rezchain platform for the past two years and it has already been tested with its B2B business WebBeds.
WebBeds offers more than 250,000 hotels in Europe, the Middle East, Africa, the Americas and Asia.
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," said Webjet technology head, Graham Anderson.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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