Winding Tree, a decentralized B2B marketplace for hotels, airlines, travel agencies and more
The hospitality and travel industries, although two of the most dynamic in the world, have been negatively affected by the economic restrictions induced by COVID-19, which are now gradually fading.
Despite the impact of the pandemic on consumer behavior and all aspects of these industries as a whole, sectors have managed to adapt and evolve significantly since then, thanks to modern advancements in technology and healthcare. health.
Notably, blockchain has played a vital role in several industries since the arrival of COVID-19, providing alternative and sustainable solutions where there were none before, or where the systems used were obsolete for lack of a best word.
Specifically, the application of blockchain in certain areas of hospitality and travel is revolutionizing the experiences of business owners and their downlines, including end users.
A leading player in this area is Winding Tree, an Ethereum-based decentralized B2B marketplace for hotels, airlines, and travel agencies, among other services.
Using blockchain technology to facilitate fair and competitive travel distribution, Winding Tree strives to create an integrated solution for B2B buyers and sellers, such as hotels and travel agencies.
In an exclusive interview with Maksim Izmaylov, CEO of Winding Tree, the serial entrepreneur and blockchain enthusiast discusses the company’s approach to revamping the economy of travel-related transactions.
According to Izmaylov, the current state of hospitality and travel experiences is not ideal, and although this can be attributed to a variety of factors, one of the most important is the presence of excess intermediaries.
“Anyone familiar with the travel industry understands that any travel-related transaction, such as a hotel reservation made online today or an airline reservation, involves at least five or even ten intermediaries, each of whom , of course, charges a small fee. . And, you know, they just distort the data flowing from one provider to another, ”Izmaylov noted. Being standard practice across the industry for several years, one of the initial problems Winding Tree seeks to address is the elimination of unnecessary middlemen, which will result in less airline and travel bookings. dear. Interestingly, the benefits don’t stop with the businesses involved, as the end users themselves would also benefit from cheaper pricing.
Winding Tree wants unrelated data flow between market players
In addition to solving the problem of involving multiple intermediaries in transactions between buyers and sellers, Winding Tree also wants to reorganize the data collection process. According to Izmaylov, there is a big data disparity in the current reservation systems used by hotels, airlines and travel agencies, due to the involvement of these intermediaries.
“For example, suppose you are a customer speaking with an online travel agency and they already know a lot about you. You have told them your name, your age, and any information you choose to disclose.
However, if the data goes through 5-10 intermediaries, you can imagine the amount of data disparity that can result, ”noted Izmaylov. Izmaylov further explains that at the end of the data stream, the hotel will most likely only get the guest’s last name, first initial, and email address.
Worse yet, they can’t tailor offers to a potential customer, and they may not be able to come up with a better offer because the customer is in a certain age group, or because they belong to a certain age group. association, or something similar. All of this information is lost in the process.
Therefore, by “delimiting” the data flow, i.e. by eliminating the intermediaries between market players, Winding Tree is able to not facilitate the data collection process for companies, but guarantees hence providing an exceptional and personalized experience to end users at a very affordable cost.
Winding Tree wants to extend its offers beyond travel
Izmaylov noted during the interview that the essence of a market is really about the identity of that company, and in their own case, Winding Tree’s decentralized market is primarily focused on travel. However, according to the CEO of the company, the theoretical plan is to expand into other industries and services.
Interestingly, the platform uses smart contracts that interface with the blockchain it is built on, suggesting that any business could easily integrate their website, social media, account, etc.
Part of the company’s plan is to create what Izmaylov described as a “Sovereign Identity System” or SSI for organizations. This particular feature, according to Izmaylov, uses a custom underlying technology known as “OrgID,” which actually stands for an identity for organizations.
“It’s amazing when you consider the possibilities of the SSI system. For example, suppose you have a proven identity for a certain company or a network of those organizations in a completely decentralized environment with no central authority, right? What kind of things are you going to be able to do there? You know, where anyone can connect to anyone without asking for permission, ”explained Izmaylov. The other major advantages of the SSI system concern the management of data and online profiles. To achieve this, Izmaylov explained that they try to map existing business entities to their blockchain and online identities.
In essence, in doing so, Winding Tree sets a standard for these businesses to communicate and recognize each other online, which is a system that does not yet exist or, if it does exist, is not based on a decentralized system. .
Ultimately, Izmaylov pointed out that Winding Tree is developing a solution with unlimited potential, which makes it difficult to predict exactly what the future holds. However, the company is quite optimistic about the many purposes it can serve today and in the future.
On the reverse
- Many companies still ignore the potential of blockchain and cryptocurrency and hesitate to use them.
- Few companies prioritize innovation, and those that do often lack the resources to perform well.
Why should you care?
Consumers in the hospitality and travel industries are generally selective and tend to look to suppliers who prioritize personalized services above all else. This, on the other hand, suggests that businesses using a platform like Winding Tree have a better chance of attracting customers than those that don’t.
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