Three major Asian hospitality companies have agreed to adopt WebBeds’ cutting-edge blockchain technology, Rezchain.
Far East Hospitality, the major Singapore-based hotel group; Dida Travel, the largest overseas hotel distributor in China; and MG Group, the leading Southeast Asian bedbank, have all signed agreements for the new solution, which was developed in partnership with Microsoft.
“This is another meaningful leap in our drive to effectively automate and improve productivity. We must let technology do what it does best – manage voluminous transactions quickly and accurately and allow our people to do what we do best; anticipate new needs and find creative solutions to address them,” commented Arthur Kiong, CEO of Far East Hospitality.
According to industry estimates, 3-5% of hotel bookings are disputed in some form when one party attempts to invoice the other. These disputes can take months to resolve and, in some instances, bookings are not invoiced at all, meaning one party is 100% out-of-pocket unnecessarily.
“Blockchain technology will see widespread adoption in the travel industry over time. As the leading travel wholesaler in China, Dida Travel is delighted to partner WebBeds (Webjet) in the industry-first Rezchain project. We believe through our collaboration efforts, Rezchain will go beyond its present applications and yield new synergies, which we will aim to extend to all our clients and partners here in China in the near future,” added Rikin Wu, CEO of Dida Travel.
Rezchain is the hotel distribution industry’s first functioning blockchain-enabled technology platform where companies share data “on chain” to address mismatched data in real time, eliminating disputes at invoice time. Thorough testing between Webjet’s own B2B companies has proven the effectiveness of the solution.
“We are excited to partner with Webeds on the development of Rezchain blockchain project. Despite all the current hype surrounding blockchain, we believe that this particular use case is both deliverable and commercially viable,” concluded William Newley, CEO of MG Group.
Rezchain enables companies to seamlessly manage online payments for bookings. Using fourth generation blockchain infrastructure, it removes the pain of reconciling accounts payable and accounts receivable and eliminates the cost of unreconciled data.
“Blockchain is one of the most exciting innovations in the travel industry accounting and we are delighted to provide our partners with such cutting-edge technology,” said Daryl Lee, CEO of WebBeds Asia Pacific. “The architecture of Rezchain enables companies to reconcile their accounts, while also ensuring the privacy and security of sensitive company booking data. We look forward to working with Far East Hospitality, Dida Travel and MG Group on this exciting initiative, and to welcoming even more Asian travel and hospitality companies into the Rezchain network in future.”
Other global companies which have agreed to implement Rezchain’s technology include Thomas Cook, the European travel giant, and WebBeds expects that many more major multinational organisations will adopt this innovative blockchain solution in future.
To learn more about Rezchain, please contact marketing@fitruums.com.
