WEBJET has launched what it says is the first working blockchain initiative in the hotel distribution industry, expanding its Rezchain initiative to selected external organisations.
It says its blockchain-based product enables companies to eliminate issues associated with reconciling accounts payable and accounts receivable, and the out-of-pocket costs that unreconciled data often causes.
“Rezchain is the hotel distribution industry’s first functioning blockchain enabled technology platform where companies share data ‘on chain’ to address mismatched data in real time, eliminating disputes at invoice time,” Webjet said in a statement to the ASX today.
“Thorough testing between Webjet’s own B2B companies has proven the effectiveness of the solution,” it said.
The company has signed Rezchain agreements with Thomas Cook (Europe), DidaTravel (China), Mitra Global (Indonesia) and the Far East Hospitality hotel group.
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Source: traveldaily