The travel industry has just received a massive gift in the shape of its very own blockchain network, courtesy of a Swiss startup called Chain4Travel.
The new blockchain is called Camino Network, and its creator has just announced the soft launch of its mainnet powered by a select group of validators from the travel industry it’s designed to serve.
Blockchain technology promises to play a key role in the travel industry’s digital transformation. According to Statista, the travel industry is one of the biggest in the world, contributing an incredible $5..81 trillion to the global economy in 2022. Yet despite its massive size, it’s an industry where innovation proceeds at a snail’s pace. As Chain4Travel explains in its press release, most travel companies are reliant on decades-old, proprietary technology platforms. This aging infrastructure ensures that innovation in the sector proceeds at a glacial pace, and this is precisely where blockchain can make a difference.
Camino Network provides travel industry participants with an advanced platform for building decentralized, Web3-enabled applications that can transform the travel industry while enabling more efficient, peer-to-peer payments and collaboration.
Blockchain has dozens of potential applications in travel, ranging from faster, more secure and reliable payments for hotel bookings, flights, car rentals etc. It could provide a way for travellers to securely store personal information such as their passport details, travel preferences and loyalty program memberships. Other applications include better matching travelers with personalized itineraries and activities, eliminating the need for intermediaries such as travel agents, new business models such as sharing rental cars and vacation homes, baggage handling and more.
The potential of blockchain in the travel industry is not lost on its participants, which explains why Camino Network has been able to attract an impressive number of partners. More than 120 of the world’s biggest travel brands are backing the project, including Lufthansa, Eurowings, Hahn Air, TUI, DER Touristik, and Sunnycars, to name just a few.
It’s also clear that the travel industry can benefit from having its very own blockchain. Rather than building on a global network like Ethereum, which is known for its high gas fees and sometimes slow transactions, brands will be able to leverage a purpose-built infrastructure that’s designed to scale as they grow. What’s more, it’s controlled by travel industry participants themselves, with each validator gaining equal voting rights.
Camino Network is ready for prime time, having been up and running in testnet since the second quarter of last year. Its code and smart contract components have been fully audited by Hexens, and a bug bounty program has been put in place.
More than 80 travel industry brands have signed up to act as validators for the Camino Network, staking 100,000 CAM for the privilege of doing so. As part of the soft launch, an initial group of validators will test and validate the network before the rest are onboarded in a process that should be complete by next month.