Reportedly, companies and industries are making the addition of Web3.0 technologies into their business models, with the travel industry also expected to incorporate changes, as reported by Cointelegraph.
According to Cointelegraph, Flybondi, an Argentinian airline, has entered into a partnership with TravelX, a blockchain company responsible for tokenisation of flight tickets.Through this partnership, travellers are expected to purchase airline tickets as non-fungible tokens through Binance Pay, using USD Coin (USDC) as payment for transactions. Facundo Diaz, co-founder, TravelX, shared about being convinced that Web3.0 technologies could help with the travel industry’s expansion, in terms of both market size and travelers.
On the basis of information by Cointelegraph, Diaz highlighted that when it became compulsory for International Air Transport Association members to use e-ticketing services, number of travelers increased to 4.5 billion annually and the industry had a market strength of $870 billion. Diaz believes that NFT tickets could be useful for travelers, with regard to allowing them auction, sell, trade and transfer tickets, on a wallet-to-wallet basis.
“We believe the blockchain-based distribution and retailing infrastructure we are creating for the travel industry will help to evolve it into a transparent industry, ruled by smart contracts without black boxes, hiding fees, or conditions,” Diaz stated.
Moreover, Cointelegraph noted that the blockchain company is developing its infrastructure around the Algorand Network because of factors such as performance, cost, security, scalability, among others, as its proof-of-stake (PoS) protocol received the status of being carbon negative. For the time being, TravelX has claimed to be focused on airline inventory distribution, which is considered to be a challenging industry with the travel sector.
“TravelX is in negotiations and working with more than 60 airlines from Europe, the Middle East, and the US for them to integrate TravelX’s standard and infrastructure for their inventory management and distribution,” Dia mentioned.
(With insights from Cointelegraph)