Home CryptocurrencyAltcoin Web3 technologies could be a game changer in the travel industry

Web3 technologies could be a game changer in the travel industry

by SuperiorInvest

Many companies and industries are incorporating Web3 technologies into their business structures, and tourism is no exception.

On Wednesday, the Argentine airline Flybondi, he announced a strategic alliance with TravelX, the blockchain technology company responsible for ticket tokenization. The intention of the partnership is to allow travelers to purchase airline tickets as non-fungible tokens through Binance Pay using USD Coin (USDC) as payment for transactions.

In an interview with Cointelegraph, TravelX co-founder Facundo Diaz shared that he fully believes that Web3 technologies could enable the expansion of the travel industry, not only in terms of market size, but also in terms of use cases and benefits for travelers:

“In 1990, there were 1.2 billion air travelers and the industry’s market size was valued at $250 billion. Thanks to the adoption of the Internet, the industry grew to 2.5 billion travelers and a market size of $510 billion between 1990 and 2007.

He explained that another increase occurred in 2008. When it was mandatory for members of the International Air Carriers Association to use e-ticketing services, the number of passengers increased to 4.5 billion annually and the market size reached $870 billion.

Diaz believes NFTickets could be beneficial for travelers as it would allow flyers to auction, sell, trade and transfer tickets from wallet to wallet, giving them full control over the management and disposal of their travel assets freely and seamlessly:

“Imagine selling your NFTicket when you can’t travel or sending it to your mom as a gift whenever you want.”

In addition, NFTickets could potentially allow airlines to increase their revenue through secondary market resale. Diaz told Cointelegraph: “Each time an NFTicket is resold on the secondary market, the airline collects a percentage of the increase based on a revenue sharing model defined in the smart contract.”

Speaking about his vision for the bright and exciting future of space, Diaz stated:

“We believe the blockchain-based distribution and retail infrastructure we’re building for travel will help evolve into a more transparent industry, governed by clear smart contracts without black boxes, hidden fees or conditions.”

He added: “But probably the most interesting new use cases are the ones we haven’t been able to imagine yet.”

TravelX also hopes to set a precedent for NFTticket standardization in the travel industry, but has no intention of monopolizing the market, shared Diaz.

“We have just created the first layer of infrastructure and are opening it up to the real travel industry and new players such as exchanges, DeFi protocols or entrepreneurs to connect to and/or build new solutions on top of it.”

He explained that the blockchain company is building its infrastructure on the Algorand network because of its “performance, security, cost and scalability, but mainly because it is an environmentally friendly blockchain, given that it is a proof of stake, it has achieved carbon status. negative.”

Currently, TravelX, a US-based company, focuses on airline inventory distribution, which is the most challenging area to make a positive impact in the travel industry. Mr Diaz said: “TravelX is in talks and working with over 60 airlines from Europe, the Middle East and the US to integrate the TravelX standard and infrastructure for their inventory management and distribution.”

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