Lufthansa is partnering with Swiss-based startup Winding Tree to explore possible applications of blockchain technology.
As a result of the deal Winding Tree will assist Lufthansa in building and testing decentralized, blockchain-based travel apps that meet the requirements of airlines, while Lufthansa will integrate its APIs with the Winding Tree platform.
Winding Tree is a blockchain-based decentralized open-source travel distribution platform. It aims to make travel cheaper for the passenger, while making it more profitable for suppliers.
No centralized control means no exorbitant transaction fees and no barriers for entry. It enables small companies to compete with big players, helping to bring innovation into the travel industry.
Multiple organisations and systems power every passenger journey
Pre-trip, in-trip and post-trip involves airlines, airports, online travel platforms, card providers, governments, hotels and more. All collect, store and often share passenger information.
Startups or companies that do not specialise in travel often find it difficult to enter the market, as direct access to the offers of airlines, hotels and other service providers would require negotiations with every single player.
With a decentralized B2B marketplace system powering blockchain-based travel booking transactions, startups and companies will be able to gain direct access to travel service providers’ offerings without the inefficiencies given by a setup with many intermediaries.
In the future, airlines, hotels and other travel service providers will offer their services on Winding Tree’s platform
Companies interested in content will only connect to the B2B blockchain-distributed digital marketplace to present specific offers tailored to their customers’ needs.
This will result in a large number of new apps for passengers, who will then be able to book Lufthansa Group flights via the offer that best suits their preferences.
Markus Binkert, Senior Vice President Distribution & Revenue Management Lufthansa Group Airlines:
“Lufthansa Group has engaged in the development of APIs, for instance supporting IATA NDC standard, to offer a direct access to its offers to customers and distribution partners.
“By integrating these APIs with Winding Tree’s public blockchain Lufthansa Group enables all innovative partners who develop cutting-edge travel applications to access these offers via a decentralized and intermediate-free travel marketplace.”
Maksim Izmaylov, Founder and CEO of Winding Tree:
“The partnership with the Lufthansa Group will allow us to build blockchain-based travel apps which not only adhere to the requirements of airlines but we will be able to test these with Europe’s largest airline, further validating the efficiency and scalability of the platform. Lufthansa Group is setting an example for the travel industry.”
N.B. Image credit: wikipedia