Web3 technologies could be a game changer for the travel industry

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Many companies and industries are incorporating web3 technologies into their corporate structures, and the travel industry is no exception.

On Wednesday, Flybondi, an Argentine airline, announced a strategic alliance with TravelX, a blockchain technology company responsible for tokenizing airline tickets. The partnership aims to enable travelers to purchase airline tickets as non-functioning tokens through Binance Pay, using USD Coin (USDC) as payment for transactions.

Speaking to TSTIME, the co-founder of TravelX, Facundo Diaz, shared that he was fully convinced that Web3 technologies could enable the travel industry to expand not only in market size, but also in terms of use cases and benefits for travelers:

“In 1990 there were 1.2 billion air passengers and the industry’s market size was estimated at $250 billion. Thanks to internet adoption, the industry grew to 2.5 billion passengers and a market size of $510 billion between 1990 and 2007.”

He explained that in 2008 there was another rise. When members of the International Air Transport Association were required to use e-ticketing services, the number of travelers grew to 4.5 billion per year and the industry had a market size of $870 billion.

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Diaz believes that NFTickets could benefit travelers as it would allow flyers to auction, sell, trade and transfer tickets from wallet to wallet, giving them complete control over managing and disposing of tickets freely and seamlessly. of their means of travel:

“Imagine being able to sell your NFT ticket when you can’t travel, or send it to your mom by text message as a gift whenever you want.”

In addition, NFTickets could potentially allow airlines to increase revenues through secondary market resale. Diaz told TSTIME, “Every time an NFT ticket is resold in the secondary market, the airline collects a percentage of the benefit based on the revenue-sharing model defined in the smart contract.”

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Speaking about his vision for a bright and exciting future for space, Diaz stated:

“We believe the blockchain-based distribution and retail infrastructure we are creating for the travel industry will help it evolve into a more transparent industry, governed by clear smart contracts with no black boxes, hidden fees or conditions.”

He added, “But probably the most interesting new use cases are the ones we couldn’t even imagine.”

TravelX also hopes to set a precedent for the standardization of NFT tickets within the travel industry, but has no plans to monopolize the market, Diaz said.

“We’ve just created the first layer of infrastructure and we’re opening it up to the actual travel industry and new players, such as Exchanges, DeFi protocols, or entrepreneurs, to connect and/or build new solutions on top of it.”

He explained that the blockchain company is building its infrastructure on the Algorand network, because of its “performance, security, cost and scalability, but most importantly because it is an eco-friendly blockchain, given the proof of deployment, it has achieved carbon status. negative.”

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Currently, TravelX, a US-based company, focuses on the distribution of airline inventory, which is the most challenging area that can positively impact the travel industry. mr. Diaz said: “TravelX is in negotiations and working with more than 60 airlines from Europe, the Middle East and the US to integrate TravelX’s standard and infrastructure for their inventory management and distribution.”