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Hotel booking mishaps are not only frustrating and potentially uncomfortable to travelers, but they also affect the bottom lines of the companies that handle those bookings. That’s where Webjet’s Rezchain service aims to help.
The Ethereum-based blockchain hotel booking verification service was built in collaboration with Microsoft and has been in the works since 2016. Since then, it has gradually been adopted within Webjet—a B2B accommodations service with $3.8 billion in total transaction turnover in FY2019—and its WebBeds division, as well as select partners.
Today, the company announced that it has opened up Rezchain to all companies within the travel industry. Rezchain uses a permissioned, Ethereum-based blockchain to confirm that data matches across multiple booking systems, and provides a warning to all parties if a discrepancy is discovered.
Not only can that help avoid issues before they’re truly problematic, but the blockchain’s immutable ledger should make it easier to find a solution with less hassle and resources.
“Settlement between hotel suppliers and travel partners can be a complex, time consuming, and ultimately costly process,” said Webjet managing director John Guscic, in a release. “For years, the industry considered it a cost of doing business. But with Rezchain, it doesn’t have to be that way any longer,” he said.
Webjet says that Rezchain is a simple upgrade for companies, and that following a 30-day free trial, they’ll pay just a few cents per transaction. According to the company, booking discrepancies affect up to 5 percent of hotel reservations, so a streamlined solution could help minimize headaches while saving companies money at the same time.