According to a recent interview with officials from European airlines Lufthansa and Eurowings, travel companies are embracing Web3 technologies to propel the industry forward.
Lufthansa and Eurowings are among the early adopters of the Camino Network, a blockchain platform specifically designed for the travel industry. The Camino Network blockchain and Web3 technology offer exciting opportunities for legacy travel companies to enhance transparency, develop new revenue streams, and improve the customer experience.
Johannes Walter, Head of Channel Partners at the Lufthansa Group, believes that “decentralization and tokenization” will create opportunities for new business models and relationships. According to Walter, Lufthansa aims to gain a comprehensive understanding of the market and create sustainable value for customers and partners while staying true to its brand strategy.
Jens Bischof, CEO and Chief Customer Officer of Eurowings, emphasized that the travel industry deals with vast amounts of sensitive data on a daily basis, and Web3 technology is a cost-effective and highly secure solution to meet these requirements to deal with that amount of data. He added that Eurowings is also considering leveraging blockchain technology to incentivize loyal customers. Bischof, however, admitted that the lack of clear regulations poses a significant obstacle to widespread adoption.
Despite this challenge, Bischof remains optimistic about the future of their business as major players worldwide embrace Web3 technology and European institutions take the lead in crypto regulation. The recent approval of the Markets in Crypto Assets (MiCA) initiative by the European Council is a significant step in this direction.
Before the introduction of Camino, other travel companies in the tourism sector had already implemented blockchain-based solutions in their operations. For instance, Air Canada and Etihad Airways integrated the Winding Tree blockchain to facilitate direct product delivery.
The integration of Web3 technology in the travel sector has several potential use cases. For example, the metaverse has been suggested as a means to inspire travelers to explore virtual aspects of a particular location before actually travelling there. Non-fungible tokens (NFTs) have also been proposed for use as NFTickets, which could enable airlines to generate additional revenue through secondary market resales.
As the travel industry continues to adapt to evolving technology and regulations, the Camino Network blockchain and Web3 technology offer exciting opportunities for established travel companies to enhance transparency, develop new revenue streams, and improve the overall customer experience.
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