TripX is a technology company at the forefront of Blockchain solutions for the travel industry. We asked Michael Culhane, CEO, TripX to tell us about his company’s move into the crypto currency market and what it means for the travel industry.
The company will soon release the first Crypto Widget which allows travel suppliers and resellers to accept payment from the $800 billion crypto market with a single line of code and no currency fluctuation exposure during exchange.
In the second quarter, the company will release its first Smart Contract driven solutions for supplier networks.
How does Blockchain reduce costs in the travel industry? Do you have any case examples?
One of the best cases for blockchain is payments and settlements. Many companies within the industry operate many thousands of transactions and relatively low margins. Payments, especially international, are tedious, lengthy and expensive and involve significant manual process. The TripX solution utilising Distributed Ledger and Smart Contracts, presently being developed for reference customers doing in excess of $5 billion per year, is expected to save more than 30% of total back office costs which drives directly to the bottom line. Once fully adopted these savings are expected to go above 50%.
Please tell us a little bit about your work in this field.
We are engaged with a number of large OTA’s, GDS technology p r o v i d e r s , a i r l i n e s a n d consolidators to build a standard public and private Blockchain that can be customised for any travel customer’s requirements
How important is the ITB Berlin Convention when it comes to educating and informing the industry?
The ITB brand is of great value throughout the industry. ITB Berlin is an event which both enlightens and educates as to trends, technology and opportunities. As such we welcome an opportunity to both present our vision of how important Blockchain is going to be within the industry and listen and learn from both peers and potential customers as to the challenges as well as opportunities.
Photo: Michael Culhane CEO, TripX
eTRAVEL WORLD Category: Destination. Wellness
Date: March 7, 2018 Time: 3pm – 3.30pm
Location: Hall 7.1c, eTravel Lab