At Traveler Token (TLT), we have created our own blockchain ecosystem, specifically designed to give travel companies the ability to host distributed nodes, giving them a way to more securely and effectively collaborate with partners and manage customer data.
As traveler’s expectations increase, travel companies are searching for better ways to use customer’s data in order to deliver smoother, more personalized services. Companies struggle with this since the data they collect from both their own and partner platforms, online travel agencies and booking sites are often confined to locations and data systems that make it difficult to use. The TLT ecosystem lets travel companies improve their existing IT systems using blockchain technology by making it possible to maintain accurate and accessible inventories of the services they offer — from an airline’s available seats to a hotel’s bookings for a night. Partnered companies can use these inventories for applications to effectively eliminate problems like price inflation or the dreaded double booking.
Using our financial blockchain, partnered companies will be able to offer TravelerToken (TLT) to travelers as a secure and instant method of payment for services. Compared to other cryptocurrencies, TLT is highly liquid and it will maintain its value based on demand for the goods and services provided by partners. TLT investors and owners can use their tokens to pay for services with partnered companies or load their tokens onto the specially developed TLT Debit Card and, thanks to a partnership with Wirecard Bank, use them internationally wherever MasterCard is accepted. When travelers spend their TLT, they will automatically earn new tokens based on their spending in a process similar to traditional cash-back rewards programs. Development and management of the ecosystem are directed by the TLT Foundation, an independent organization where each company participating in the ecosystem is represented and has the ability to shape its future development. We provide a standardized, cooperative loyalty program with automatic smart contracts and instant gratification. At the same time, we can reduce the complexity of settlement processes by making use of the smart contracts.
We envision most travel and tourism-related businesses across the globe united in this consortium that uses the TLT distributed system to the mutual benefit of all. The qualifications for membership will be as inclusive as possible but fundamentally designed to ensure the stability and longevity of the consortium. The consortium will be governed by a non-profit legal entity controlled democratically by members and focused on expanding the ecosystem surrounding the industry—emphasizing efficiency, quality, and innovation. It will extend standards to incorporate new emerging trends and technologies, put smaller and larger partners on a more equal competitive footing, and bring the industry into the state of the art. Consortium members will benefit from nearly free transactions, ability to share user information when given permission, simpler flow for users to book peripheral services by accessing partnered platforms, and the ability to use the TLT application platform for service optimization. This will decrease costs and provide for an integrated travel experience. We’re developing the technology and proving the economic model for this improved way of doing business. We hope to see other groups of businesses with aligned interests and concerns follow in our footsteps, paving the way for more sustainable global business practices. The TravelerToken system is run by the member businesses themselves. They run the software alongside where they keep their data, wherever: cloud, a server, an IoT gateway.
The travel industry is in great need of a Blockchain-based infrastructure that we are implementing as all participants in the market will benefit from it. The Blockchain technology has many important areas of impact in the travel industry. The 8 most important areas are described in the following points.
Transparency: Blockchain entries are unchangeable. The money which flows through the travel life cycle can be dispatched at any time making the process for everyone more transparent.
Settlement: Blockchain safes a lot of time in the complex settlement process for both buyer and seller by making use of Smart Contracts.
Loyalty: With Blockchain technology new ways of using loyalty points and payback systems will arise. This can be used by customers across all different sellers in the industry.
Fraud: Our blockchain technology will help to reduce fraud dramatically because a single change in a node is identified quickly. For this reasons, the process gets much more secure.
Identity: The traveler's identity can be stored and used in different transactions. This allows our partner companies to deliver more personal/ individualized offers to their customers.
IoT: Blockchain technology is also connected to the Internet of Things. Using this technology in the Travel Industry would make it possible to track many assets like a passenger’s luggage at the airport.
Overbooking: Because of the ability of the blockchain technology of preventing double spendings and providing a high level of transparency, the problem of double bookings could be removed in the travel industry.
Policy: Thanks to the Blockchain technology and thereby Smart Contracts, retracing negotiated rates will be improved.
The Goals of the Ecosystem:
- Establishing a global system for the industry to make travel cheaper and easier
- Reducing the overhead associated with intermediaries and payment settlements
- Providing a blockchain application layer that works seamlessly on top of existing business systems (ERP, CRM, etc.)
- Creating a transparent and auditable system for building trust among the public and members of the consortium
- Allowing for cost-effective error management
- Creating a better way to connect businesses to each other and their customers
- Improving customer migration standards
- Giving businesses the tools to keep up with trends and innovate
HOW DID WE GET THERE?
As a consortium of avid travelers, industry experts and academics, we’ve noticed that not only online travel bookings but also associated costs are rising. Especially costs that are primarily driven by increased fees for intermediary services. Those intermediary services lead to unnecessary complexity and non-transparent data treatment for both, consumers and providers. Our goal is to omit those intermediary services, as well as to decrease costs and increase data transparency and security.
HOW WE ARE GOING TO IMPROVE THE TRAVEL INDUSTRY
Using blockchain technology, our main idea is to create a system which is scalable, borderless, democratic, and trustworthy. Blockchain technology allows us to create a decentralized, distributed network over the internet that customers and providers benefit from. Blockchains allow to share a joint booking registry and manage the information access. By reducing the number of involved parties - and ultimately, the complexity - online booking and worldwide payments become easier and more inexpensive.