June 08, 2018

The travel industry is not prepared for blockchain

Has blockchain technology been overhyped? Absolutely. Should travel companies be considering the future promise of this nascent technology to deliver a new kind of Internet – an Internet of Value?

This question dominated many discussions at EyeforTravel Europe this week where 90% of delegates attending a blockchain workshop, and numerous C-Level executives over the course of the two days, admitted to being unprepared.

For David Brillembourg, CEO of Brillembourg Group, who has launched STEP, a simple travel ecosystem protocol for the hospitality industry, the answer is clear. “It is happening. Don’t try to doubt it. There are 100s of problems to solve. Will they be solved? Yes. Absolutely,” he told EyeforTravel.com in an interview.

Joerg Esser, a theoretical physicist and Roland Berger consultant, who ran the workshop, argued the blockchain discussion to date has become too focused on the technology. Instead the focus should be: what does blockchain actually mean for companies?

In Esser’s view, it requires businesses to radically simplify, which is a very tough task because “you can’t simplify unless you really narrowly define what you stand for”. Secondly, businesses need to team up like never before with a completely different take on partnerships.

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