Lufthansa, Eurowings and other travel industry players will continue with Web3

Legacy travel companies in the industry are eyeing a web future, following the recent launch of the travel-focused blockchain, Camino Network.

Cointelegraph spoke with executives from Europe-based airlines Lufthansa and Eurowings, two companies that were among the first to adopt Camino, to understand how Web3 integrations are taking this industry to the next generation.

Johannes Walter, Head of Channel Partners at Lufthansa Group Hub Airlines, said he believes “decentralization and tokenization” will create opportunities for new business models and relationships, “to create more direct, strategic partnerships and create new revenue streams.” and from improving transparency to improving” customer experience.

“We strive to thoroughly understand the space to create long-term value for our customers and partners that aligns with our brand strategy.”

Data from the 2021 Statista report shows that the travel and tourism industry’s global contribution to GDP that year was about $5.8 billion.

Jens Bischoff, Eurowings CEO and Chief Customer Officer, echoed this sentiment, saying that the travel industry is “one of the largest industries in the world”, dealing with vast amounts of “sensitive data” every day.

“Web3 offers Eurowings a way to meet these requirements – cost-effectively and with maximum safety.”

Bischoff also revealed that the company is currently exploring ways to use blockchain for customer loyalty purposes.

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Other companies in the travel industry are already using blockchain-based solutions in their operations before the launch of Camino. Both AirCanada and Etihad Airways have integrated the Winding Tree blockchain for product delivery without the need for third parties.

Despite the increased adoption, Bischoff pointed out that clear regulation is needed for mass adoption.

“Nevertheless, as major players around the world adopt Web3 technology and the European Institution of Crypto Regulation (MiCA) moves forward, we look to a promising future as we move forward. [industry] Ahead.”

Lawmakers in Europe recently gave their final blessing to the EU’s state-of-the-art crypto regulation, known as MiCA. It’s also because local legislators are considering another set of laws, known as the AI ​​Act, to regulate the development and deployment of artificial intelligence.

Other potential use cases for integrated Web3 technologies are already emerging in the travel industry. The use of the metaverse has been discussed as a way to “inspire” travelers before embarking on a journey through what a particular destination has to offer through virtual experiences.

Non-fungible tokens (NFTs) are also on the table for NFT tickets, which could increase airline revenue through secondary market resale.

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