Legacy Travel Companies Look to Integrate Web3 | by Crypto Navigator | Coinmonks | May, 2023
Major players in the travel industry are moving towards a Web3 future with the advent of the Camino Network travel-focused blockchain. Airlines such as Lufthansa and Eurowings have integrated Web3 technology to create opportunities for new business models, creating more direct strategic partnerships, improving transparency, creating new revenue streams, and enhancing the customer experience. According to data from a 2021 Statista report, the global gross domestic product was about $5.8 billion for the travel and tourism industry that year.
Jens Bischof, the CEO and chief customer officer of Eurowings, mentioned that the company is looking into using blockchain for customer loyalty, while Air Canada and Etihad Airways have already employed blockchain-based solutions in their operations using the Winding Tree blockchain. However, the lack of clear regulation remains a deterrent to mass adoption. Local lawmakers in Europe are considering the European Union’s Markets in Crypto-Assets legislation and the AI Act to regulate the development and deployment of artificial intelligence.
Web3 technologies have opened up various potential use cases in the travel industry, such as using the metaverse to inspire travelers before their trips through virtual experiences. Nonfungible tokens have also been discussed as NFTickets, allowing for revenue increases for airlines through secondary market resales.
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