Travelport, IBM and BCD Travel are developing a blockchain platform together to streamline hotel commission processing.

According to a press release issued earlier this week, all three firms are working jointly to create a platform utilising blockchain in order to optimise hotel commission reconciliation, designed to monitor commission payments owed by hotels when guests use booking agencies.

A Coin Telegraph report states that both Travelport and IBM are working within the framework of the IBM Garage - a consultation program allowing people to try out new tech and find new ways to build apps - along with industry stakeholders in order for the project to launch an active pilot program.

Travelport’s senior product director Ross Vinograd commented: “Traveller modifications at property, no shows, and complimentary room nights are just a few examples that drive commission discrepancies which in turn generate escalations, cost, and revenue loss. Our aim is to put the lifecycle of a booking on the blockchain and we believe doing so will drive transparency, trust, and ultimately booking volume.”

Kurt Wedgwood, IBM Blockchain Leader - Travel added: “Global distribution companies and providers would benefit from this use of blockchain technology to remove their never-ending work of reconciliation to spend that time adding new experiences and insights for the traveller. Eliminating the hours spent addressing dollars in dispute or the timeliness and accuracy of information allows all participants to focus on what matters most: the traveller.”

On Tuesday Coin Telegraph reported that CEO of Booking.com, Glenn Fogel believes blockchain-based currencies will continue to grow and increase in popularity. When asked about future payment systems in the travel industry, Fogel said they must be seamless and data security must take priority.

Furthermore, travel industry world leaders are increasingly opting for blockchain technology. UAE national carrier, Etihad Airways joined forces with blockchain-based travel platform Winding Tree to look into how blockchain can help in distribution.