Pablo Castillo, the Chief Technology Officer (CTO) of Chain4travel, a blockchain-based travel firm, believes that blockchain technology could be the key to addressing several longstanding challenges in the travel industry. In a recent interview, Castillo explained that blockchain's adaptable nature makes it a perfect base for the entire global travel industry, including airlines, airports, car rentals, hospitality, mobility services, cruises, and trains.
One of the major hurdles in the aviation sector, according to Castillo, is its outdated technological infrastructure and lack of standardized data. Blockchain, with its ability to provide transparent and immutable data standards, can help solve these issues. Castillo also highlighted the lengthy payment and settlement periods in aviation, which can extend up to 12 months, and how blockchain can streamline these payment processes.
The CTO also emphasized the importance of having a specialized Layer 1 blockchain for the travel industry, known as Camino Network. This blockchain is specifically tailored to tackle the unique challenges of the travel industry, ensuring that transaction costs remain consistent and predictable, even during busy booking seasons. On this network, validators, which are all businesses related to travel, undergo a Know Your Business (KYB) process. This process helps establish trust and eliminates the need for time-consuming paper contracting procedures.
Castillo highlighted that blockchain's versatile nature can help unify the travel industry. By adopting universal data standards and shared connectivity, blockchain can facilitate smooth operations across various travel sectors like airlines, accommodations, and transportation. Currently, these sectors operate separately, resulting in a disjointed user experience.
Regarding privacy concerns, Castillo mentioned that Camino Network is developing a decentralized, encrypted travel messenger to enhance data security. This messenger will facilitate secure communication between service providers and travelers, ensuring sensitive information remains confidential and accessible only to relevant parties.
In a world where data breaches like the one at Marriott in 2018 exposed millions of travelers' information, Castillo's vision of blockchain-driven innovation in the travel industry offers a promising solution to enhance efficiency, security, and user experience. As the travel industry looks for digital innovation and advancements, blockchain technology appears ready to take off as the ideal foundation for transformation.
