•The travel industry has just been given a blockchain network called Camino Network, designed to help transform the sector.
•The network is powered by a select group of validators from the travel industry and has attracted over 120 partners, including Lufthansa, Eurowings, Hahn Air and TUI.
•Camino Network promises faster and more secure payments for hotel bookings, flights, car rentals and other services in the travel industry.
Travel Industry Gets its Own Blockchain Network
The travel industry has just received a massive gift in the shape of its very own blockchain network, courtesy of Swiss startup Chain4Travel. The new blockchain is called Camino Network and is powered by a select group of validators from within the travel industry. More than 120 of the world’s biggest travel brands have signed up to use it, including Lufthansa, Eurowings, Hahn Air and TUI.
Why Blockchain Matters
Most travel companies rely on decades-old technology platforms that limit innovation in the sector. Blockchain provides an opportunity to speed up digital transformation while providing more efficient peer-to-peer payments and collaboration opportunities. With Camino Network’s infrastructure specifically designed for scalability, brands will be able to leverage it as they grow without having to worry about high gas fees or slow transactions found on global networks such as Ethereum.
Blockchain can have dozens of applications in the travel industry ranging from faster and more secure payments for hotel bookings or flights to securely storing personal information such as passport details or loyalty program memberships. It can also provide better matching travelers with personalized itineraries or activities while eliminating intermediaries such as travel agents; create new business models like sharing rental cars or vacation homes; enable better baggage handling; etc..
Benefits For Travelers
With blockchain powering many aspects of their travels – from booking hotels to renting cars – travelers can benefit from improved security when it comes to their data being stored on decentralized systems rather than centralized ones owned by companies that may not have their best interests at heart. They will also benefit from faster payments enabled by smart contracts running on top of blockchains which can automate both payment processing and contract execution times significantly improving efficiency compared with existing solutions based on legacy technologies .
Camino Network’s soft launch marks an exciting step forward for the potential applications of blockchain technology within the travel industry. The benefits include increased security due to decentralized data storage coupled with faster processing times enabled by smart contracts running atop blockchain networks – creating an environment where businesses are able operate more efficiently while travelers get an improved experience overall