ALTA and TravelX join forces to revolutionize the airline industry
The technology company joins the Latin American and Caribbean Air Transport Association and proposes new business models for the travel industry
TravelX, a pioneering technology company in the development of Blockchain, proposes new business models for the travel industry. Specifically, their proposals will allow providers to distribute their products as non-fungible tokens (or NFTs) associated with stable digital currencies as means of payment, thus greatly reducing friction in all distribution and payment processes of the current travel ecosystem. .
Blockchain technology is the most secure, fluid and efficient network ever created, since it does not depend on centralized servers but on millions of independent servers connected to the Blockchain network and distributed throughout the world. TravelX offers protocols that make it easier for industry players to carry out their distribution and operation processes through Blockchain, generating new revenue, reducing costs and significantly improving the customer experience. Through a simple implementation, suppliers will be able to distribute their inventories additionally as tokens and thus have greater control and traceability over their products.
Currently, the community of crypto users is made up of about 400 million people, a figure that doubles every 12 months, therefore providers will also be able to have immediate access to this new market through TravelX's integrations with Crypto Exchanges.
Scale efficiency exponentially
“We are very excited to become part of the Latin American and Caribbean Air Transport Association, which we deeply respect for its great professionalism and the quality of its members. We created TravelX because we are convinced that the maturity reached by Blockchain technology will help the evolution of the tourism industry. As members of ALTA we will be able to work together with its members to achieve this goal together,” said Juan Pablo Lafosse, CEO of TravelX.
“The future of the airline industry is already here. This alliance allows us to explore new ways to generate value and scale efficiency exponentially. Actions such as purchases, refunds, cancellations or insurance collection can be executed automatically, thanks to the possibility offered by Blockchain technology and smart contracts. At ALTA, we are excited to bring our members the knowledge and technologies available to stay at the forefront of innovation and continue bringing air transport to more places and people,” said José Ricardo Botelho, executive director and CEO of ALTA.
NFTickets, the future of airline tickets
One of TravelX's most innovative proposals is the tokenization of E-tickets, evolving them into NFTickets that can be distributed or exchanged between any actor in the Blockchain network in accordance with smart contracts or parameters predefined by the service provider.
This is possible at this time thanks to the maturity that the Blockchain network has reached in recent years and the integration of this technology with the traditional world of finance.
NFTickets can be exchanged, transferred or sold, generating additional income for service providers. Additionally, by issuing NFTickets, providers guarantee greater control over their inventories, even after they are sold through any of their channels.
Refunds and exchanges are immediate and governed by automatically executed smart contracts. This enables cost and time savings associated with customer service provided by human workers.
Recently, TravelX and Air Europa, an ALTA member airline since 2015, launched the first series of NFTickets. The tickets will provide a seat on a flight from Madrid to Miami on November 29, 2022. In addition, NFTickets holders will have special advantages and access to artistic events in that American city. This milestone marks the beginning of a new era for air travel.
ALTA prepares for the following decades
The alliance between ALTA and TravelX goes beyond membership. With its entry into the association, TravelX will support ALTA in becoming the first airline industry organization to be blockchain-based.
This means that the organization's transactions can be carried out on the network, speeding up processes and facilitating its members' access to technological tools that generate competitiveness.
“Blockchain is changing the way we do business. It has impacted and forever changed the economy and the way we understand value. In this case, Blockchain technology makes it possible to speed up operations, make them ubiquitous and instantaneous and, furthermore, automate endless operations through the so-called smart contracts. From ALTA we are excited to announce that we will transfer our processes to Blockchain. An unprecedented action in our industry that will contribute directly and indirectly to the sector in the region, as well as reinforce security and the steps we are taking to make the team more and more agile,” added Botelho.
Commitment to the environment
TravelX uses the Algorand network, the most decentralized, scalable and secure blockchain infrastructure in the world. Algorand is also a completely carbon-free blockchain, designed from the ground up for minimal environmental impact.
“Sustainability has been a core component of Algorand since its inception. Algorand's blockchain was designed from the ground up to enable global applications and be green,” said Algorand founder Silvio Micali. "We are excited to provide the blockchain infrastructure to enable TravelX to change the world of travel in an environmentally friendly way."