How this blockchain leads the way

After being stuck at home for almost two years due to the COVID-19 pandemic, people all over the world are eager to experience new cities, countries and cultures. The flexibility of working from home now allows travelers to plan around a less homebound lifestyle. But age-old problems, including delayed or canceled transportation, lost luggage and check-in mix-ups, continue to plague the travel industry, which is expected to generate $850 billion in revenue by the end of 2023.

People rightly have high expectations for the travel experience, including low costs, better security, transparency and personalization. These requirements can be met using peer-to-peer (P2P) connections, decentralized networks, fast transactions and interoperable systems that enable seamless data exchange.

Global online travel market size 2021 vs. 2027. Source: Renub Research

Therefore, the travel industry needs blockchain solutions. The transparent, scalable and secure nature of blockchain technology can reduce costs, increase efficiency and promote collaboration to provide a more streamlined and personalized experience for travellers.

However, current blockchain networks fail to meet the needs of the highly specialized nature of the travel industry, which works with fragmented processes across multiple stakeholders and where trust and compliance are critical. A uniquely designed blockchain is needed today to act as a layer 1 infrastructure to meet the specific requirements of the travel industry.

Industry pioneers teamed up for efficiency

To see how blockchain can improve the current travel experience for all parties, industry pioneers, stakeholders and Web3 professionals are coming together to launch an inclusive blockchain ecosystem called the Camino Network to pave the way for innovation in the multi-billion dollar industry. Backed by travel giants such as TUI, Lufthansa, Miles & More and Eurowings, the Camino Network lays the foundation for an entire ecosystem of Web3 travel apps and services.

Built on Avalanche’s technical base, Camino’s blockchain is tailored specifically for the travel ecosystem. The project leverages the next generation capabilities of this technology to bring efficiency, safety and innovation to the travel industry with the aim of providing better, more personalized experiences for travelers worldwide.

Cutting transaction costs using blockchain helps reduce fees for both businesses and users. A number of key players from the travel industry announced their support for the Camino Network, with over 80 of them directly supporting the infrastructure by acting as initial validators of the blockchain.

NFTs and digital wallets for personalized travel experience

Despite being a significant need for travelers, updating hotel and accommodation information requires constant effort with legacy infrastructures. The flow of information is bound by several bilateral contracts and interfaces, which usually results in outdated information for guests. Camino uses blockchain for more streamlined data processing across all parties with non-fungible tokens (NFT).

While NFTs are mainly known as digital collectibles in the Web3 space, the travel industry presents enormous potential to go beyond a use case and introduce actual utility. Similarly, the travel industry can benefit from the flexibility and reliability of NFTs for multiple legs or a travel experience, making it an ideal match. With NFTs, it becomes possible to produce hotel or other key travel information as a unique digital token, where the information is stored in a decentralized manner. The crucial information contained in the NFT can be updated automatically as new information becomes available, keeping the latest version of data for all parties involved. With better management tools and systems designed for the Web3 era, Camino Network enables all stakeholders in the industry to benefit from a secure and transparent ecosystem.

NFTs can also help with the tokenization of inventory assets, potentially bringing a new marketplace where everything about the travel experience can be sold and exchanged for a much wider range of personalization. An NFT can act as digital proof of ownership for travel-related assets, from airline tickets to hotel rooms and loyalty points, introducing a new level of trustworthiness to the industry by addressing fraud and payment risks. It also takes the stress out of last-minute decisions, a common headache for both customers and airlines, by making it easy for both customers and airlines to resell any tickets. The Camino Network can serve as the basis for an NFT-based voucher platform to remove manual and time-consuming processes from redeeming travel vouchers with smart contracts. With a wide range of applications, NFTs will provide new revenue streams and pave the way for new business models within the tourism industry.

The next journey chapter takes off

To provide a safe and secure environment for Web3 developers, over 200,000 lines of code written for the Camino blockchain were audited by prominent web security services provider Hexens. The team also launched a hacker bounty hunt for the Camino Network to prove its reliability.

Web3 developers and travel companies aiming to transform the industry have already started working on the Camino Network for a wide range of decentralized apps. The Camino Network invites everyone – both from the travel industry and the Web3 community – to join hands in preparing an ancient industry for the next generation of travelers.