Earlier this month, a new blockchain was launched, called ‘Camino Network’, which will focus entirely on the travel and tourism industry. Built on the technical foundation of Avalanche (AVAX), Camino’s blockchain is specifically tailored for the travel ecosystem. By bringing efficiency, safety and innovation to the travel industry, the project aims to provide better and more personalized experiences to travelers around the world. Several airlines seem to slowly but surely see the positive sides of blockchain, but what exactly are the possibilities?
Web3 for the travel industry
Major airlines such as Lufthansa and Eurowings are among the first to use the new blockchain. Various possibilities lie ahead by embracing the innovative technology.
Thus said John Walter, head of channel partners at Lufthansa Group, that he believes decentralization and tokenization will create opportunities for new business models and relationships, “from building more direct, strategic partnerships and improving transparency to creating new revenue streams and improving customer experience” ‘.
The adoption of blockchain in the travel and tourism industry would be a big step in the right direction, as data from a Statista report from 2021 show that the industry’s contribution to global gross domestic product that year was approximately $5.8 billion.
Jens Bischof, the CEO and Chief Customer Officer of Eurowings, said the travel industry is one of the largest industries in the world, dealing with large amounts of “sensitive data” every day. According to him, Web3 offers a way to meet these requirements cost-effectively and with maximum security.
In addition, he noted that the company is currently exploring how blockchain can be used for customer loyalty.
Some other companies have already incorporated some blockchain applications into their operations before the launch of Camino. Air Canada and Etihad Airways have both integrated the Winding-Tree blockchain for product distribution without the need for third parties.
NFTs and metaverse
Another possible use case for example, is using the metaverse to “inspire” travelers before they travel through virtual experiences. At the end of last year, for example, you could read that a study showed that many travelers would like to use the metaverse to prepare for a trip.
Non-fungible tokens (NFTs) could also be used for the distribution of airline tickets.