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.