TUI Group , The World’s Largest Tourism Company To Use Blockchain
The world’s largest tourism company, The TUI Group, sees potential with Blockchain Technology and is gearing up to shift some of its hotel technology to in-house Blockchain.
TUI Group is a multinational travel and tourism giant, based in Germany. With around 67,000 employees, over 300 hotels, over 1,600 travel agencies, 16 cruise lines and multiple airlines with a fleet of 150 planes across the globe, it is largest of its kind in the world. The travel giant has reportedly generated a revenue of nearly $20 billion in 2016. CEO of TUI Group, Fritz Joussen is the proponent of Blockchain technology.
Joussen has revealed BedSwap, an in-house private Blockchain-powered project. TUI will reinforce its hotel inventory through a Blockchain to assess demand and move inventories between different points of sale in real-time.
Probably, the next phase of Blockchain BedSwap could possibly have the firm’s entire property management system integrated onnto a Blockchain network.
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Joussen has also revealed that TUI had invested below €1 million ($1.29 million) in Blockchain development, which is actually a small investment in light of company’s potential cost savings that is around €100 million ($129 million) per year.
Talking about the Group’s endeavor on Blockchain, Joussen said:
“It’s a smart contract blockchain. So, we have all our contracts on the block chain, and we use it for hotel swapping. We have embedded it, we have coupled it to our yield systems, so the yield system determines where we want to sell the beds.”
Joussen is convinced about the potentials of Blockchain Technology that can transform the B2B space over the next decade. Executives see significant cost savings with Blockchain Technology breaking the monopolistic hold of intermediaries in the travel and tourism industry.
A distributed ledger technology, decentralized database, that can be continuously updated in real-time, Blockchain is a greater innovation to preserve data without the fear of corruption.
Joussen also opened up about the possibility of turning its currently-private Blockchain, into a public chain that can be operated globally.
“You can start in territories like China where we don’t have a distribution. You start publishing stuff. Making it available where it doesn’t hurt your sales.”
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