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Blockchain: Webjet and Microsoft aim to transform hotel bookings

The solution has the potential to change the way online payments are processed and managed for hotel bookings.

Globally, hotel room wholesaling is a $100 billion industry, with more than a million transactions taking place every day. A single hotel stay could involve five or more transactions, however the sheer volume of bookings passed through the distribution chain is prone to numerous data discrepancies.

“Between five and 10 percent of bookings can be impacted, or in other words, up to $10 billion dollars worth of transactions,” said managing director of Webjet, John Guscic.

Together with Microsoft, Webjet has been exploring blockchain as a way to improve the wholesale hotel environment and better manage online payments. In Australia blockchain technology is slowly entering more industries, branching out from fintech and crypto-currencies.

Initially Webjet were looking to use blockchain PoC to boost efficiencies in its own supply chain, however when it saw the potential it had to change the entire travel industry it decided to work with Microsoft to start building smart contracts.

“We realised facilitating bookings in the travel industry through blockchain could become an additional business we could enter in the future, and the same technology could also help solve problem outside the travel industry. Undoubtedly, the blockchain technology built with Microsoft is an exciting opportunity for us over the next few years,” said Guscic.

Since 2004, Webjet has fostered a relationship with Microsoft, with both working on growing infinitely scalable technology platforms.

Microsoft Azure CEO, Mark Russinovich said, “By working with Webjet to use our digital platform, together we have created an innovative blockchain solution in Australia that has the potential to not only transform the travel industry but many other industries as well.”

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