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An Innovative Blockchain Implementation in the Travel Industry
The world has seen the applications of blockchain in many sectors and many different areas. But the travel and tourism sector was untouched from blockchain technology for a long time. The recent collaboration meeting between IBM and Travelport indicates that even this sector might transform drastically leveraging blockchain technology. Travelport is an NYSE listed automation company that operates travel commerce in the travel and tourism sector.
Travelport and its technology partner IBM have announced their first AI platform to help businesses manage corporate travel expenditures. The main motto behind this partnership is to combine Travelport's data with IBM’s blockchain technology to track, control, and predict the costs of travel. This can change the plan and optimize travel program and make the whole traveling experience smoother and more efficient.
Today, travel decisions are made based on the reviews given on websites or based on trip advisers. There might also be many false reviews. Travelport with IBM started working on how these issues can be solved by deploying blockchain technology. IBM’s Travel Manager offers end-to-end visibility of traveling expenses and also creates alerts, notifications, and pre-defined spending trend analysis. Travelport, with IBM’s data, is working to develop a use-case for the travel sector.
With the use of its AI system, IBM has created Travel Manager, to offer customers the adequate insights in terms of travel expenses, by analyzing structured and unstructured data, and predicting the prices by analyzing trends and patterns. AI and blockchain enable streamlined experiences for a user, particularly empowerment of third-party platforms. These platforms can make use of AI and blockchain to speed up transaction processes. All the processing systems can be integrated into one and can be auto-updated across various platforms and relieving the stress of manual updates.
A new application of blockchain technology is being explored with Travelport to provide transparency and accelerate hotel commission settlement process. IBM takes the opportunity to expand and disrupt the industry to provide a fascinating collaboration outside of Travelport’s core business model.