May 26, 2018
INTRODUCING ETHEREUM TRAVEL TOKEN Using the federation protocol, ETH Travel resolves many issues of securely managing identities and thereby, letting the users book their travel using ETH Travel Tokens without the need of sharing their personal information with third-party travel agents. ETH Travel enables the users to provide a “portable trust” directly with travel businesses and share their identity information with those businesses when and only the users book their travel using Ethereum Travel Tokens. This allows Ethereum Travel to enable the users to increase their control over their personal information and resources, regardless of where those resources reside.
ETH Travel allows the users to securely exchange tokens with their partners across the travel industry. Utilizing standards-based methodologies, ETH Travel can reduce user management overheads, security loopholes, and user inconvenience. The primary driver for ETH Travel is to provide a Single Sign-On federated easy access to many partner applications (major airlines, hotels and rental car) inside the Ethereum Travel portal that a user will access to book their travel. These applications will be federated internally on the Ethereum Travel infrastructure network, or they may be externally hosted (cloud) by a travel industry vendor or other Application Service Provider (ASP) with whom Ethereum Travel has already established a trusted network.
ETH Travel Token Benefits -
Primary Benefits- Every transaction that implements the ETH Travel Token will be a true disruptive in the travel industry, with users owned tokens that have real value, and a full, secure, and efficient economy. It will scale to millions of concurrent users, all using Ethereum Travel Tokens (ETHTT) to manage or book their travel reservations. The blockchain is a special technology for peer-to-peer transaction platforms that uses decentralized storage to record all transaction data. The first blockchain was developed in the financial sector to serve as the basis for the cryptocurrency “Bitcoin”. More and more new applications have recently been emerging that add to the technology’s core functionality – decentralized storage of transaction data – by integrating mechanisms that allow for the actual transactions to be effected on a decentralized basis. These mechanisms, called “smart contracts”, operate on the basis of individually defined rules (e.g. specifications as to quantity, quality, and price) that enable an autonomous matching of distributed providers and their prospective customers.
Lower costs, faster processes and greater flexibility - Ethereum Travel Application changes the way the users transact to make a reservation, with the underlying transaction model shifting away from a centralized structure (Online Travel Agents, Sabre, GDS) towards a decentralized system (end customers, travel industry giants). Third- party intermediaries like OTAs (Online Travel Agencies) and GDS (Global Distributed Systems), whose services are needed today in most travel industries, are no longer required in such systems – at least according to the blockchain theory – given that transactions can be initiated and carried out directly “from peer to peer”. This can cut costs for both the end users/ travel industries and speed up processes. As a result, the entire system becomes more flexible, as many previously manual work tasks are now carried out automatically through smart contracts.
The wide range of Travel Industry use cases - Ethereum Travel Token technology shows a lot of promise. Other than being used to execute travel reservation transactions. It could also provide the basis for the users to redeem their travel points/rewards and book the reservations for any domain (Hotels, Airlines and Car Rentals). Meaning, the users will not face the burden to stick to one airline/hotel or rental car industry. The users will be able to convert the airline points/hotel rewards to Ethereum Travel Tokens (ETHTT) and use it whenever it is required. Other possible areas of application are in the documentation of ownership, the state of rewards (Ethereum Travel Tokens Rewards Management), guarantees of origin, emission allowances and renewable travel points which will be converted to Ethereum Travel Tokens
Ethereum Travel Token has the potential to radically change the travel industry system as we know it, by starting with individual travel sectors (Airlines, Hotels, and Car Rentals) first but ultimately transforming the entire travel industry market.
Token Adoption and Hosted Web-Application Roll-outs -
Using the ETH Travel token application, which is a risk-free, the users will not share their credit card information with the mediators (travel agents) and have the ability to control their personal information and book their travel using ETH Tokens directly integrated in the travel industry (Airlines, Hotels and Rental Cars). The goal of using the ETH travel token protocol is to bring all the industries (Airlines, Hotel and Rental Cars) under one umbrella that are currently managed by third party vendors. Since ETH Travel token is based on ERC20 technology, we will integrate the technology with more federated protocols, such as SAML, OAUTH 2.0, and WS-Fed to provide risk free and better user experience for the travelers to book their travel using ETH Travel Tokens.
Reduced Unnecessary Cost/ Fees with Online Travel Agents -
Costs of booking a travel through travel agents are much very higher when compared with direct booking using ETH Travel Tokens. There will be no markup fees/ commissions to book your travel using ETH Travel Tokens. This also means that the user/traveler is much secured due to service stability, high availability, and there is no dependency of connecting to travel agent websites (Expedia, Travelocity, etc.). ETH Travel provides simpler, and more robust, flexible and manageable methodology for managing travel booking using ETH Travel tokens with various travel industry entities.
Eliminate Burden of Risk on Identity Ownership-
Federation capabilities offer a sophisticated, flexible mechanism of user attribute-based sharing, making it possible for Ethereum Travel to act as an identity provider to share much less information about the users and yet achieve the required behavior in the receiving application from the airlines, hotels and car rental industries. Federation allows Ethereum Travel to act as an identity provider to send user travel booking transactions to federation partners (airlines, hotel, and rental car industries) as part of a Blockchain federation message. This allows service providers to utilize these assertions and eliminate the need to have a local account for each individual user in some cases.
Reduce Cost of Audit and Compliance -
1) Auditing & Logging
2) Enterprise Integration
5) Development Program
This means that when communicating identity authentication and travel transaction details to airlines, hotels or rental car providers, travelers do not have to expose any identifiable information about their identity beyond what is necessary for booking a flight ticket or making a hotel/car rental reservation, while the service providers do not need to worry about storage and maintenance of user identity information. In addition, the users’ Ethereum Travel tokens are not transmitted or exposed to any of the travel industries.
There is a growing requirement for the users to access different resources on the Internet in order to book their travel, such as creating an account on third party vendor websites (Orbitz, Expedia, Travelocity….,) and looking for low fares to book tickets, updating their sensitive personal information or accessing external applications and portals which are unsecured. Traditionally, the users have to access these resources by providing their identity information which is shared with multiple third parties. Major travel conglomerates like KLM, Lufthansa, Cathay Pacific, American Airlines, United, SPG, Marriott and much more are challenged to maintain a secure environment across internal and external applications. Due to the current complex and distributed nature of user identity, the ability to coordinate, interact and control the traveler’s identity and personal information adds an additional set of challenges.
Many travel organizations today are struggling with the integration of rewards/loyalty program into their framework and the integration further complicates the problems in the industry. The recent case of Marriott exemplifies this tendency. In recent months, Hard Rock International and United Airlines announced the problems and attendant loss which resulted from not converting the points and mileages given to the travelers. As a result of their ubiquity, these unclaimed mileages and points have been commoditized. Hence, the travelers see it as a commodity and they become less effective and non-incentivized.
The ETHEREUM TRAVEL TOKEN SOLUTION
The global decentralized and blockchain-based digital currency for the global travel industry, powered by its internal token, ETH Travel Tokens (ETHTT) aims to reinvent and reshape the way we travel, make payment, interact, communicate, and exchange within the global travel industry. Also, our blockchain smart-contuploadselfieid6racts enable travelers, airlines or participating merchants on the Ethereum Travel platform to run incentivized loyalty programs and reward their consumers using our token. We also enable our users to efficiently and quickly make payment for the travel-related expenses without unnecessary waiting times or long chains of transactions inherent in the traditional travel system. We finally acknowledge those who feel secure and safer travel to their destinations with the digital currency. Travelers and tourists can cut their expenses on security and conveniently track their points and mileage. The most unique valuation proposition of ETH Travel is that it can be used for all travel-related choices including but not limited to airline tickets, hotel accommodations, and car rentals.
ETH Travel Tokens will not only revolutionize the traveler's data security, integrating the various travel domains into a single ecosystem, and provide an enabling environment for users to redeem their points or bonuses but also provide a decentralized marketplace for travelers to purchase and sell their own tickets. This will be powered by the smart contracts blockchain in the form of a decentralized Application. Through this, our goal is to inject a new breath into the industry where the entire travel ecosystem is a tangible asset and which the ownership of the asset can be modified or changed. The network algorithm will have an open API for all the travel agencies and applications who want to build and integrate their platform to ETH travel token application.
The core aim of this decentralized peer-to-peer marketplace is to give our users greater power to own their sensitive information, track their transactions. The ETH Travel decentralized market place gives our ETH Travel community and the respective service providers greater confidence, enabling a business opportunity to resell the ticket and allowing a potential refund (converted again to ETH Travel Tokens) if they wish to cancel the reservations. The Dapp relies on no intermediaries, middlemen or third parties with instantaneous confirmation of transactions, and anonymity for privacy and security through the ETH travel blockchain.
ETH TRAVEL is a decentralized travel ecosystem integrated with federation protocols (SAML2.0, OAUTH, WS-FED) built on ERC20 blockchain technology for the travelers to book or manage their travel reservations in the travel industry including airlines, hotels and car rental industries.
The platform through the use of federation protocols and blockchain technology streamlines the operations of different travel industries due to increased efficiency leading to higher growth. This is clearly makes the project viable and I would highly invest in it.
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