Blockchain project Winding Tree is going after the multitrillion-dollar travel industry with an open source, decentralized travel distribution platform that promises to make travel cheaper for end users by cutting out expensive middlemen.
The global travel and tourism industry is one of the world’s largest industries with a global economic contribution of over US$7.6 trillion in 2016, but it’s been dominated by large intermediaries with Expedia and Priceline alone representing 95% of the industry market in the US.
“There is a big problem in the online travel industry today, in which the distribution landscape in travel is dominated by a handful of companies, which manipulate the prices to their benefit, hindering competition and innovation,” said Pedro Anderson, one of the founders and COO of Winding Tree. “Winding Tree Foundation’s non-profit approach is presenting a democratic, transparent, decentralized solution to this issue.”
Using blockchain technology, Winding Tree aims to eliminate the unnecessary costs imposed on consumers by suppliers and intermediaries by removing layers of intermediation.
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