• Major players in the travel industry are beginning to pivot to integrate Web3 technology.
• Lufthansa and Eurowings are two of the first companies to use the Camino Network.
• Lack of clear regulation is a deterrence to mass adoption of Web3 technology.
Travel Industry Pushes Forward with Web3
After a new travel-focused blockchain hit the scene, major players in the industry such as Lufthansa and Eurowings are beginning to pivot their operations to integrate Web3 technology. The potential of decentralization and tokenization allows for new business models, strategic partnerships, transparency, and revenue streams.
Data from Statista Report
According to a 2021 Statista report, the travel and tourism industry’s contribution to global gross domestic product was around $5.8 billion that year.
Using Blockchain for Customer Loyalty
Eurowings CEO Jens Bischof noted his company is currently investigating how they can use blockchain for customer loyalty purposes due its ability to offer cost efficiency and maximum security.
Air Canada and Etihad Airways Adopt Blockchain Solutions
Before Camino’s launch Air Canada and Etihad Airways both integrated Winding Tree’s blockchain solutions for product distribution without third parties.
Lack of Regulation Prevents Mass Adoption
Despite increased adoption, Bischof pointed out that the lack of clear regulation remains a deterrence to mass adoption. European institutions have been at the forefront of crypto regulations but more needs done before full implementation can occur.