ACTE COLUMN CAROLINE ALLEN The big story in 2018
While cryptocurrencies make the news, it’s the underlying blockchain technology that will bring massive change
ITCOIN IS IN THE HEADLINES as the value per coin spiked at more than US$19,000 (up from US$2,000 in January 2017) as this issue of BBT went to press. Some investment providers see Bitcoin as the next big thing and are exploring ways to make it tradeable alongside traditional vehicles. Others compare it to the Dutch Tulip bubble of the 1630s; the most famous speculative bubble of all time. At its height, the rarest bulbs traded at six times the average annual salary before prices crashed leaving many in financial ruin. There are currently more than 1,300 cryptocurrencies. Bitcoin is the largest blockchain network followed by Ethereum, Bitcoin Cash, Ripple and Litecoin. Most are high risk, they are not regulated by banks or recognised by governments. You can’t pay your taxes using a virtual currency. There is no insurance. If you lose your investment wallet, if
B
Caroline Allen is the regional director of the Association of Corporate Travel Executives (
acte.org).
your hardrive is stolen or destroyed, you have no way to recoup your funds. Ironically, experts suggest keeping a note of the wallet code on a piece of paper to protect access. Famously, a computer hardrive containing 7,500 Bitcoins is buried somewhere in a landfill site in Wales. The owner was a computer programmer who recognised the potential of Bitcoin in 2009 when the virtual coin was relatively easy to mine. A few years later, he broke up his computer, sold off some parts and threw the hardrive in the bin, only remembering the Bitcoin hoard stored on it a few months later. His Bitcoins are worth over £55 million. Bitcoin is harder to mine now
requiring enormous computing power. There are 12,446,725 coins in existence. When the 21 millionth Bitcoin is mined, in 2040, the plates will automatically self-destruct. As cryptocurrencies only exist as a piece of code, they can be hard to comprehend, but essentially
they rely on blockchain technology which records transactions on a digital ledger. Considered tamper- proof, the record of events cannot be altered and is shared by many parties. Ownership of the record can only be transferred to someone else by creating a new record in the blockchain, leaving an immoveable footprint. As cryptocurrencies become the norm, it seems likely that blockchain technology will be adapted by many industries, including travel, as a new foundation for secure transactions. ACTE will continue to explore new ideas as well as focus on traditional industry issues through educational webinars, local, regional and global events. Join us for best practice, case studies and preferred pricing.
KRESIMIR KUCKO Gulf Air has appointed Kresimir Kucko as chief executive officer. Kucko previously served as Croatia Airlines’ president and CEO. He brings a wealth of international aviation experience having worked in the airline industry for 25 years.
BUYINGBUSINESSTRAVEL.COM
ROB PATERSON Best Western GB has named Rob Paterson as its new chief executive officer. He joins from Village Hotels where he was commercial director after successful roles with several leading hotel brands. Paterson heads up the independent hotel group from mid-February.
GILLES DE RICHEMOND AccorHotels has announced the appointment of Gilles de Richemond as chief information officer. He has been managing director of Voyages-SNCF Technologies, running the group’s technical division – a role he has held since 2012.
CAROLYN MALONEY BCD Meetings & Events has named Carolyn Maloney for the new role of vice-president, progressive operations. She takes responsiblity for strategic meetings management solutions. Maloney brings more than 20 years of industry experience to her new post.
BBT January/February 2018 143
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