A new player in the blockchain-powered travel distribution space: TravelX. What do they propose? Why do they believe that web3 can improve travel distribution?
👉 “more frictionless industry”: the friction today comes from the limitations of current processes and data formats, from the requirements to join platforms, from the payment and settlement solutions, etc. How will web3 make it frictionless?
👉 “to tokenize inventory”: I think that travel suppliers first need to “unbundle” or “itemize” their product catalogue and to make it into an e-commerce platform. Once every order item is autonomous and automated, it can be “tokenized”, i.e. assigned a digital token to track its usage and facilitate the settlement.
👉 “easier travel changes, cancellations, transfer and sales of tokenized inventory”: the servicing of orders is clearly a pain point of today’s distribution systems. Let’s watch this space as this new solution hits the market later this year.