All About Blockchain

Thursday 7 June 2018

Blockchain is 2018’s ‘now’ technology but what is it and how is it being applied to the travel industry?

Blockchain is being hyped as the new, great technology that will disrupt the Internet. It has gained infamy as the technology behind speculative crypto-currencies such as Bitcoin but, those in the know, see it as a useful piece of tech that will enable us to conduct business in new ways.

Wikipedia defines a blockchain, originally block chain, as a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a cryptographic hash of the previous block, a timestamp and transaction data. By design, a blockchain is inherently resistant to modification of the data.

It has also been described as distributed ledger technology.  What sets blockchain apart from most other databases is that the blockchain database isn’t stored in any single location, meaning the records it keeps are truly public and easily verifiable.

For travel , there is potential for blockchain to be used to record transactions between industry players, so not requiring a settlements authority such as IATA’s Billing and Settlement Plan (BSP).  There is also potential for new entrants to the travel industry to take advantage of Blockchain to lower transaction costs or create loyalty schemes.

For this forum, TTI assembled a team of blockchain experts who gave the lowdown on blockchain.  We learnt how the technology works and heard case studies of how it is being applied in the travel industry.



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Click on speakers’ names to view their presentations: