Australia-based travel booking portal Webjet Ltd will start deploying blockchain technology as a service to root out accounting reconciliation issues when it signs agreements with four hospitality groups – Thomas Cook, DidaTravel, Mitra Global and Far East Hospitality.
According to a ZDNet report, the company, which has been working on blockchain solutions for the past two years, will deploy smart contracts on its indigenously-built solution, Rezchain.
The report says that Rezchain, when deployed, will allow hospitality companies to share data and settle accounting issues in real-time. Webjet is trying to address disputes that may occur, say, during invoicing. The company said it has already tested Rezchain in-house and with its own B2B arms.
It also expects that the free solution will allow companies to start providing more computing power for running the chain and maintaining their own nodes.
“It can be overwhelming for a travel company to consider adopting a new process that also requires the steep learning curve of a new technology,” Webjet head of technology, Graham Anderson, was quoted by ZDNet. “Rezchain offers a simple entry point to blockchain efficiencies and allows companies to choose when and if they want to be part of the underlying infrastructure.”
Tech giant IBM has also advocated greater use of blockchain technology in US governance processes to help make services more secure.
The Indian government’s policy think tank, Niti Aayog, is also considering employing blockchain technology in education, health and agriculture, several media reports have said.
According to a new report from market research firm International Data Corporation, global spending on blockchain solutions is expected to reach $2.1 billion (Rs 13,350 crore) by the end of 2018, from just over $945 million in 2017.