NFT
Following the recent launch of the travel-focused blockchain, the Camino Network, legacy travel companies in the industry are eyeing a web future.
Cointelegraph spoke to executives from Europe-based airlines Lufthansa and Eurowings, two companies that were the first to adopt Camino, to understand how Web3 integrations are taking this industry to the next generation.
Johannes Walter, the head of channel partners at Lufthansa Group Hub Airlines, said he believes “decentralization and tokenization” will create opportunities for new business models and relationships, from building more direct, strategic partnerships and improving transparency to creating of new revenue streams and improving the customer experience.”
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Data from a 2021 Statista report shows that the global contribution of the travel and tourism industry to GDP for that year was about $5.8 billion.
Jens Bischof, Eurowings’ CEO and Chief Customer Officer, echoed this sentiment by saying that the travel industry is one of the “biggest industries in the world”, dealing with large amounts of “sensitive data” every day.
“Web3 offers Eurowings a way to meet these requirements – cost-effectively and with maximum safety.”
Bischof also noted that the company is currently exploring how to use blockchain for customer loyalty purposes.
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Other companies in the travel industry have been using blockchain-based solutions in their operations even before the launch of Camino. AirCanada and Etihad Airways have both integrated the Winding Tree blockchain for product distribution without the need for third parties.
Despite the increased adoption, Bischof pointed out that a deterrent to mass adoption is the need for clear regulation.
“Nevertheless, as major players around the world adopt Web3 technology and European institutions lead the way in crypto regulation (MiCA), we look to a promising future to further our [industry] forward.”
Lawmakers in Europe recently gave their final blessing to the European Union’s state-of-the-art crypto regulation known as MiCA. This is also because local legislators are considering another set of laws known as the AI Act to regulate the development and deployment of artificial intelligence.
Other potential use cases of Web3 technologies integrated into the travel industry are already emerging. Using the metaverse has been discussed as a way to inspire travelers before they travel to what a particular destination has to offer through virtual experiences.
Non-fungible tokens (NFTs) are also on the table for NFTickets, which could boost airline revenues via secondary market resale.
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