What does Travel Ledger do?
For those familiar with the travel industry, think of Travel Ledger as IATA’s BSP but for non-air travel services.
Travel Ledger provides a platform where travel agents, tour operators, accommodation wholesalers, hotel companies, car rental suppliers, cruise companies and any other travel business can access a single, shared central data repository and use it to track transactions with all their connected intermediaries and suppliers using the same unified protocol, in near real-time.
The Travel Ledger platform allows all billing records between buyers and sellers of travel products to be stored in a shared, decentralized and authenticated ledger, establishing a “single source of truth” for all parties. Furthermore, it supports settling and recording of payments in a secure and transparent manner; without the need for funds to be managed or held by a third party.
How does Travel Ledger work?
Travel Ledger is a distributed platform, created exclusively for travel professionals, and is developed on the Ethereum blockchain smart contract technology. The Travel Ledger platform uses smart contracts to transparently record transactions and manage the flow of information between existing reservation and back-office systems, as well as move funds amongst the parties when its Travel Ledger pay facility is used.
While an intuitive user portal is available for less automated businesses, an easy to integrate API/SDK is available for larger companies and can be integrated with any travel technology, thus enabling automated reconciliation and payments in a secure and transparent manner; without affecting or changing any existing booking processes.
How can Travel Ledger be used?
A shared ledger used by all companies in the travel industry allows them to share data and cost-efficiently pay each other. Travel Ledger enables a host of business processes to be fully integrated with back office and reservation systems.
A collaborative and decentralized approach ensures that Travel Ledger is run as a consortium, pursuing the interest of the wider travel industry, for example by offering lower usage fees as transaction volumes increase, define requirements and participate in the governance by submitting proposals and voting.
Who controls Travel Ledger?
The Travel Ledger consortium is owned and run by the travel industry, for the travel industry.
The Travel Ledger Alliance is the governing body, composed of an advisory board of industry players, that sets the standards and controls access. Travel Ledger is “private” in the sense that only accredited travel companies will be given access. A collaborative and decentralised approach ensures that Travel Ledger is truly an “industry initiative” rather than being controlled by one side of the distribution chain, or private capital pursuing its own goals instead of the interest of the wider travel industry.