The post How Blockchain is Building a New Foundation for Travel appeared first on Coinpedia Fintech News
Blockchain is a strange beast. Few technologies have endured so many fad-style phases, such as the NFT artwork craze and memecoin cycles, yet have such a powerful foundation that they continue to develop and evolve new value across industries. While for some of the mainstream the term “blockchain” is associated only with crypto coins or pixelated trading cards, the fact is that blockchain has a framework that allows it to accomplish what no other technology can. True decentralization is only possible with blockchain. A DAO that is made up of a community scattered across the globe can effectively lead a platform worth billions. The immutability of blockchain data can serve many purposes, removing trust from the equation and allow complete strangers to do business without hesitation. And NFTs, being so much more than a glorified Jpeg, are able to guarantee ownership in a way that nothing else can, especially when it is across borders.
While new industries are beginning to rise from blockchain, such as DeFi, what might be even more amazing are the well established industries who are getting new life by using blockchain to solve long impossible problems. With the recent listing of Web3 travel ecosystem Camino Network’s $CAM token onto MEXC and Gate.io, we see an example of a broad swipe at envisioning an aging industry with new life.
This is exactly the type of evolution that countless Web3 enthusiasts have been hoping for, and the entire community is waiting to see if Camino and the rest of the Web3 travel industry can pull it off. There is a countless amount of work still to do, but the partnerships are growing, the use cases continue to be identified, and with the official listing, we can now see the Web3 effect take hold of global travel.
Travel Industry Woes Are Web3’s Wheelhouse
Global travel has always been a tricky system just by its nature. People from one place need to pay vendors they know nothing about, and trust that they will fulfill their promises. There are rules in place to ensure the vendors act accordingly, but once borders are crossed this can quickly become an issue without recourse. However, even assuming all parties are playing nice, being able to coordinate hotels, airlines, cruises, rental cars, activities, and more can be an absolute nightmare, and no other industry is filled with so many intermediaries, offering no products of their own. Instead, they are able to make a living simply by connecting strangers, and offering some level of trust to each. If you think about many different booking platforms that consolidate flights, lodging, and rentals, they only offer a limited trust, and we jump at it because it’s better than trusting a stranger in a completely different country. Money is exchanged for travel services, but if those travel services never materialize or are very different from what was promised, what options does the average customer have? This risk is not small, and maybe travellers have at least one nightmare story where things went very wrong.
The Web3-Infused Travel Industry
Given that Web3 can solve a lot of specific problems, what can it do when applied to the travel industry? The Camino Network is a good example because it is a case where the many different partners on the network have gone all in and have created a travel-specific Layer 1 chain, something completely new to Web3 as a whole. As you would expect, the chain is focused on the key areas of TravelFi, RWA tokenization, and the use of NFTs as ticketing elements. With an $11 trillion industry, even a tiny application of this chain is going to see tremendous volume and results.
To make this happen, Camino (and any platform wanting to build up Web3 in their industry) must network like crazy. So far over 200 brands have joined, which is great, but what really matters is the breadth of companies and the weight of at least a few. In this case, a travel network must have airlines, hotels, car rental companies, major cruise and tour operators, and even tech companies heavily involved. These companies provide the network notes for blockchain to connect, allowing travelers to use blockchain to securely find and book their various travel needs. These companies are also critical in the development of the network before launch, showing what needs to happen functionally to connect such a complex system that is well established, but far from efficient.
So far Camino has accomplished this by gathering suppliers from all aspects of the travel experience, with major players such as the €35 billion Lufthansa Group, DERTOUR and TUI joining and helping shape how customers can more efficiently connect with them through Web3 means. One aspect of this is the removal of the traditional APIs, opting for a faster and unified request-response model, which increases reliability while allowing the immutability and payment aspects of blockchain to be leveraged.
The token aspect is at the center of the travel (and any other) industry. Removing borders and currencies, ensuring smart contracts keep all parties in order, and enabling the token to act as both payment and the fuel that powers the network might be the aspect that is most unique about a Web3-driven economy. It powers the Camino Messenger, which is the first global decentralized booking protocol for the travel industry. This enables the travel providers to efficiently pass a great deal of information through to the other partners, such as Lufthansa sharing up-to-date schedules, availability, and pricing information directly with its partner agencies.
Looking Ahead
Whether you are in the travel industry or not, this latest step forward for Web3 integration will be something to watch closely. The many partners of Camino Network have been building this for some time, and all industries will benefit from where the travel industry succeeds and the inevitable lessons to be learned. In any case, as long as industries continue to explore Web3’s biggest features and how they could upend traditional businesses, we will start to see a growing wave of industries positively disrupted by the transformative effect of blockchain.
