Travel industry eyes Blockchain potential for fees, delays, lost bags

Blockchain technology has the potential to shake up the travel industry by giving airlines and hotels a way to bypass controlling intermediaries like Expedia or Amadeus and gain better access to customer data. Major players including Lufthansa and citizenM hotels are partnering with startups and talking to large corporate clients about whether they can do group bookings via blockchain instead of using middlemen, who charge up to 25% of ticket or room prices in fees. Blockchain, which functions as an online record-keeping system maintained by a group of peers rather than a central agency or authority, also offers new business opportunities in tracking bags and flight delays. Because transaction data is openly available and not controlled by any one party, blockchain offers an opportunity to build new platforms that can connect travel providers and customers more directly and replace decades-old technology. "We see a lot of business potential from the very nature of blockchain being decentralized by construction, removing the middleman by design. That looks very fruitful potentially," said Xavier Lagardere, head of distribution at Lufthansa Group Hub Airlines.<br/>