Webjet, a leading digital travel agent is excited to launch its blockchain platform with an objective of eliminating the existing disparities in hostel booking processes and data. The new project, Rezchain, is an application that will help address overcharges and reservation snafus in hotel booking by tracing data mismatches between booking agents, hostels and customers.
According to the company, such errors occur in about 5% of all hotel bookings. The application will send alerts to the interested parties if any are found. Such errors cause many firms to suffer financial resource losses. Besides the financial exposures, the reconciliation process is painful and time-consuming.
Webjet was launched two decades ago in 1998 as an online travel agent company operating in North America, Southeast Asia and Australia. The company has a project called WebBeds that offers a Business-to-business accommodation online platform.
“Mistakes should be expected from multiple IT systems that speak different languages. Writing off debts remains as the last resort whenever the situation is not clear. That has been a cost of doing business for decades, but the industry does not have to suffer from that anymore,”
said John Guscic, the managing director at Webjet.
Webjet believes it will leverage blockchain technology distributed nature by employing early warning systems via Email and a “virtual handshake”. Rezchain will store information in a shared ledger which will give all parties interested in online booking access to timely information. The application has been built on what we can refer to as a private version of Ethereum.
Author: Denis Miriti
U.S Attorney, Geoffrey S. Berman and Special Agent, Angel M. Melendez revealed the news regarding the detainment of a narcotics trafficker who tried to wash $19 million of illegal cryptocurrencies on the Dark Web called “Silk Road”.
The trafficker who goes by the name Hugh Brian Haney (age 60), was supposedly arrested the morning of Thursday, July 18, 2019. According to M. Melendez, Silk Road was shut down in 2013, however, crypto criminals have tried and successful leeched back into the system to launder their illegal digital assets.
Here’s an extract of what has been shared regarding Haney’s move:
“Haney was allegedly one of those criminals who was still holding on to a stash of cyber gold. HSI special agents employed blockchain analytics to uncover and seize bitcoins valued at $19 million and usher Haney out of the dark web shadows to face justice in the Southern District of New York.”
A narcotics vendor on Silk Road dubbed, “Pharmville,” shared a list of individuals involved in illicit narcotics. Between the years 2011 and 2012, agents purchased an array of narcotics. Upon searching Haney’s house, in 2018, evidence against him was found.
While Haney tried to argue that his $19 million came from bitcoin mining, it was found that they were actually from Silk Road transfers.
According to The United States Attorney’s Office Southern District of New York:
“Haney […] is charged with one count of concealment money laundering, which carries a maximum sentence of 20 years in prison, and one count of engaging in a financial transaction in criminally derived property, which carries a maximum sentence of 10 years in prison.”
[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.
Author: Nirmala Velupillai