Article from BTNews 18 NOVEMBER 2019
Rezchain joins hotel bookings arena
New blockchain technology which is claimed to enable error-free hotel bookings has been launched by global digital travel specialist Webjet, the owner of the WebBeds B2B accommodation provider.
The system, Rezchain, is said to enable users to eliminate costly discrepancies that occur in up to 5% of hotel booking transactions. The technology was pioneered in collaboration with Microsoft.
Webjet says using blockchain, which also underpins crypto currencies, makes Rezchain the technology’s first application to verifying hotel reservations as a way to combat a situation where a third of such bookings have to be amended.
Similarly, Webjet says, a tenth of bookings experience some manual intervention with discrepancies occurring typically in price, duration, booking status, currency, board basis or room type because amendments were not recorded properly.
Webjet managing director John Guscic said: “Settlement between hotel suppliers and travel partners can be a complex, time consuming and ultimately costly process.
“With multiple IT systems speaking different languages, mistakes are probable and the default position is often to write off debts when the situation is not clear.
“For years, the industry considered it a cost of doing business. With Rezchain, it doesn’t have to be that way any longer.”
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