Blockchain technology has plenty of potential to redefine how many different markets interact with data. Including Webjet, a travel booking website that handles transactions for hotels and sunhotels.
Today, ZDNet reported that Webjet has announced a collaboration with Microsoft to reinvent hotel bookings. For them, the cost of data mismatches is getting too high. The industry standards currently leave much to be desired with millions of transactions that can result in 5%-10% discrepancies and cost billions of dollars.
The company hopes to use the blockchain technology released by Microsoft earlier this year as a means to correct those errors and make the industry more efficient. As John Guscic, managing director of Webjet, explained:
"Blockchain eliminates transaction errors by having an indisputable record of truth. As we've tested the technology, we quickly realized it had the potential to improve processes with the rest of our travel partners who face similar complexities. It didn't just benefit the Webjet environment; it could potentially assist every one of our partners in the supply chain to improve their efficiency."
Currently, Webjet is still in the proof of concept phase. Soon, it will be switching over to phase 2 where trials of blockchain's automated features to process transactions weekly will roll out across Hotels and Sunhotels. This all works forward to the ultimate goal of establishing the technology across the travel industry.