From the outside looking in, the travel ecosystem that is in place today is an amalgamation of many different types of service offerings, such as booking platforms, itinerary curators, and expense planners, among others
That said, the sector is extremely fragmented such that it is largely controlled by the monopolistic tendencies of a few players such as Hotels.com, Bookings.com, Agoda, etc. And while many of these platforms claim to deliver highly streamlined booking processes — including flight/hotel reservations, car rentals, etc. — the ground reality is, in fact, quite different.
For starters, many of these platforms offer visual formats that are extremely cluttered and confusing. Not only that, sometimes the volume of information applied by them is quite overwhelming for users, especially those users who may not be that tech savvy. Moreover, a lot of platforms do not include deals or packages from their associates since they are in direct competition with them. This results in a dearth of comprehensive options, often forcing travelers to keep going from one website to another
Transparency is another key area of concern. This is because Web2 travel platforms, more often than not, hide heavy fees and peripheral surcharges while providing no real guarantee regarding the safety of one’s data. In fact, there is enough data to suggest that these platforms have routinely compromised sensitive information — such as credit card numbers, addresses, phone numbers, and personal IDs — of their clients
Lastly, since most centralized platforms suffer from inventory constraints — thanks to their reliance on third parties — today’s booking processes are not only time exhausting but also quite expensive
In the face of these problems, a question that is bound to arise in the minds of many is, “Can these problems ever be tackled in a resourceful way?” The answer may lie with blockchain tech and the travel industry’s need to rearm itself with tools based on this technology
To elaborate, by making use of decentralized ledgers, travel platforms can resolve several of the issues mentioned above, especially those pertaining to accountability, transparency, privacy, and data security
Enter Camino Network, a blockchain travel solution that has been developed by Chain4Travel AG, offering clients holistic means of resolving the several bottlenecks stifling the travel industry’s growth potential. The platform’s key USP is its overall versatility, i.e. it presents travelers with a robust network of services that, instead of competing with today’s travel ecosystem
This flexibility has allowed for the creation of numerous travel-related offerings that are set to revamp the ways in which new travel-related products can be created and how people can interact with the industry. Also, because Camino uses a consurtium design for governance, it is being operated, maintained, and governed by the travel industry for the travel industry
Another standout aspect of Camino Network is that it is able to mitigate transaction fees by a huge margin. As a result, travelers will no longer have to bear heavy processing and handling charges. This is achieved via the removal of any middlemen or agents that accrue a significant cut for themselves before allowing for a booking to be finalized. Such cost-effectiveness not only serves as a major plus for consumers but also for the industry at large.
In terms of trust, Camino Network’s use of a blockchain setup ensures that all transactions — monetary and otherwise — are maintained in a secure and transparent fashion. Governance-wise, the platform puts all the power back in the hands of its consortium members, a democratic approach that helps ensure that Camino always retains its reasonable transaction fee model while also helping in the constant development of new and improved travel products.
As more people become accustomed to the use of blockchain technology, there is reason to believe that the travel industry will continue to grow and thrive, an assertion that is backed by factual data. For example, a recent study notes that the realm of business travel alone — a major part of today’s travel ecosystem — will grow from US$665.3 Billion to US$928.4 Billion by 2030
Thus, as the travel landscape evolves and matures, offerings like the Camino Network will play undoubtedly play a large role in its growth. By leveraging the power of a decentralized ledger, it is possible to create more efficient, transparent, and user-friendly platforms that meet the needs of modern travelers. Thus, it will be interesting to see how things pan out from here on end.
