TravelerTokens mission is to bring together the leading travel and tourism companies, universities, and the open-source community to create a shared technical and economic infrastructure. The new infrastructure will represent a simplified standard that not only minimizes costs for customers but also maximizes profits for providers. Moreover, the infrastructure will not be limited to the travel sector but open for all.
At Traveler Token (TLT), we’ve created our own blockchain ecosystem that gives travel companies the ability to host distributed nodes, giving them a way to more securely and effectively collaborate with partners and manage customer data. As traveler’s expectations increase, travel companies aresearching for better ways to use customer’s data in order to deliver smoother, more personalized service. Companies struggle with this since the data they collect from both their own and partner platforms, online travel agencies and booking sites is often confined to locations and data systems that make it difficult to use. The TLT ecosystem lets travel companies improve their existing IT systems using blockchain technology by making it possible to maintain accurate and accessible inventories of the services they offer — from an airline’s available seats to a hotel’s bookings for a night. Partnered companies can use these inventories for applications to effectively eliminate problems like price inflation or the dreaded double booking. Using our financial blockchain, partnered companies will be able to offer TravelerToken (TLT) to travelers as a secure and instant method of payment for services. Compared to other cryptocurrencies, TLT is highly liquid and it will maintain its value based on demand for the goods and services provided by partners. TLT investors and owners can use their tokens to pay for services with partnered companies or load their tokens onto debit cards and, thanks to a partnership with Wirecard Bank, use them internationally wherever MasterCard is accepted. When travelers spend their TLT, they’ll automatically earn new tokens based on their spending in a process similar to traditional cash-back rewards programs. Development and management of the ecosystem is directed by the TLT Foundation, an independent organization where each company participating in the ecosystem is represented and has the ability to shape its future development
We envision most travel and tourism-related businesses across the globe united in aconsortium that uses the TLT distributed system to the mutual benefit of all. The qualifications for membership will be as inclusive as possible but fundamentally designed to ensure the stability and longevity of the consortium. The consortium will be governed by a non-profit legal entity controlled democratically by members and focused on expanding the ecosystem surrounding the industry—emphasizing efficiency, quality, and innovation. It will extend standards to incorporate new emerging trends and technologies, put smaller and larger partners on a more equal competitive footing, and bring the industry into the state of the art. Consortium members will benefit from nearly free transactions, ability to share user information
when given permission, simpler flow for users to book peripheral services by accessing partnered platforms, and the ability to use the TLT application platform for service optimization. This will decrease costs and provide for an integrated travel experience. We’re developing the technology and proving the economic model for this improved way of doing business. We hope to see other groups of businesses with aligned interests and concerns follow in our footsteps, paving the way for more sustainable global business practices. Even though cooperation between airlines and hotel booking services has improved substantially
with the advent of services like booking.com, Skyscanner, and Trivago, there are a myriad of service and usability issues. The cost of transactions can also be decreased by using blockchain-based transaction settlement systems. A TUI blockchain-based project called BedSwap is a good model for how to structure the resource registries and increase booking volumes.
The Goals of the Ecosystem:
Establishing a global system for the industry to make travel cheaper and easier
Reducing the overhead associated with intermediaries and payment settlements
Providing a blockchain application layer that works seamlessly on top of existing business systems (ERP, CRM, etc.)
Creating a transparent and auditable system for building trust among the public and members of the consortium
Allowing for cost effective error management
Creating a better way to connect businesses to each other and their customers
Improving customer migration standards
Giving businesses the tools to keep up with trends and innovate
HOW DID WE GET THERE?
As a consortium of avid travelers, industry experts and academics, we’ve noticed that not only online travel bookings but also associated costs are rising. Especially costs that are primarily driven by increased fees for intermediary services. Those intermediary services lead to unnecessary complexity and non-transparent data treatment for both, consumers and providers. Our goal is to omit those intermediary services, as well as to decrease costs and increase data transparency and security.
CREATING A NEW BUSINESS STANDARD
Our mission is to bring together the leading travel and tourism companies, universities, and the open-source community to create a shared technical and economic infrastructure. The new infrastructure will represent a simplified standard that not only minimizes costs for customers but also maximizes profits for providers. Moreover, the infrastructure will not be limited to the travel sector but open for all.
HOW WE ARE GOING TO IMPROVE THE TRAVEL INDUSTRY
Using blockchain technology, our main idea is to create a system which is scalable, borderless, democratic, and trustworthy. Blockchain technology allows us to create a decentralized, distributed network over the internet that customers and providers benefit from. Blockchains allow to share a joint booking registry and manage information access. By reducing the number of involved parties - and ultimately, the complexity - online booking and worldwide payments become easier and more inexpensive.