Webjet Launches First Working Blockchain Initiative in the Hotel Distribution Industry
Webjet Limited said it expanded its blockchain initiative, Rezchain, to selected external organizations. Over the past 2 years, Webjet has developed a blockchain-based solution, Rezchain, that enables participating travel companies to eliminate the pain of reconciling accounts payable (“AP”) and accounts receivable (“AR”) issues and the out-of-pocket costs that unreconciled data is likely to cause. Rezchain is now deployed on its 4th generation blockchain infrastructure to support Rezchain Smart Contracts.
The problem Webjet has addressed is common throughout the hotel distribution chain and the benefits of the solution are immediate. Industry estimates assume that 3-5% of bookings are disputed in some form when one party attempts to invoice the other party and disputes can take months to resolve. In some instances, bookings are not invoiced at all, meaning one party is 100% out-of-pocket unnecessarily.
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. Thorough testing between Webjet’s own B2B companies has proven the effectiveness of the solution, reducing the time to resolve any identified disputes and allowing the businesses to grow without needing to increase AR & AP resources at comparable rates.
Webjet is delighted to have signed Rezchain agreements with several of the industry’s most prestigious companies: Thomas Cook (Europe), DidaTravel (China), Mitra Global (Indonesia), and hotel chain, Far East Hospitality.
Webjet is initially offering “blockchain as a service” to participating companies and expects over time larger organizations will start contributing computing power and running their own mining nodes.
Ensuring the privacy and security of sensitive company booking data has been paramount in the design of Rezchain.