Whereas Bitcoin can handle just


seven transactions per second and Ethereum 15, Chain4Travel claims to have capacity for up to 5,000, íóŘóİíĒİĉǝĺİǝçĺįŘĨóƈĒŨƉƿǞ Because public blockchains


reward validators in the native cryptocurrency of that blockchain, the more validations, the more the value of that currency ĒİƜËŨóšƿǝGİǝçĺİŨśËšŨƺǝ Chain4Travel is an owned


network which, although not as ŨśËİšŘËśóİŨǝËšǝŘŭæĨĒçǝƂËśĒËİŨšƺǝĺƖóśšǝ better security, scalability and the ËæĒĨĒŨƉǝďËƂóǝįĒİĒįËĨǝĺśǝİĺǝçĺšŨšƿǞ There’s no incentive for members to


raise validation costs. And every two weeks they vote to reduce fees so that a single validation will never cost more than 1p. ¡šæóçĥǝšËƉšƹǝǘGĈǝƉĺŭǝďËƂóǝËǝİóŨƃĺśĥǝ


where validation never costs more than 1p, then the ideas can start. You can sell microservices because the aim of the validator is not to make money from the


validation but to have a network where ŨďóƉǝçËİǝíĺǝšóçŭśóǝŨśËİšËçŨĒĺİšƿǝGĈǝƉĺŭǝ can’t control validation fees you can İóƂóśǝšóĨĨǝËİƉŨďĒİĉǝĒİǝŨśËƂóĨƿǝGŨǛšǝËǝƂóśƉǝ low-margin business and the energy çĺİšŭįŘŨĒĺİǝĺĈǝŨďóšóǝËĨĉĺśĒŨďįšǝĒšǝďŭĉóƿǙ He explains: “Therefore, we said


ĨóŨǛšǞçśóËŨóǝËİǝĺƃİóíǝįËĒİǝİóŨƺǝĨĒĥóǝ Ethereum, but the validators are companies in the industry. Then we can use a proof-of-authority consensus algorithm, because we know the ƂËĨĒíËŨĺśšƺǝšĺǝƃóǝçËİǝŨśŭšŨǝĒŨƿǞGŨǛšǝ İĺŨǞŘĺššĒæĨóǝŨďËŨǝƧƢȎǝĺĈǝËĨĨǝŨďóšóǝ companies conspire to commit fraud. Therefore, it’s secure, consumes really low óİóśĉƉǝËİíǝŨďóǝšŘóóíǝĒšǝįŭçďǝďĒĉďóśƿǙ


DIGITAL ASSETS


Usbeck likens Chain4Travel to a lake. All the things that might be distributed æóŨƃóóİǝŨśËƂóĨǝƛśįšǝËśóǝŨŭśİóíǝĒİŨĺǝ digital assets (Non-Fungible Tokens, or c=TšǎƺǝŨďóǝǚƛšďǛƿǝTďóšóǝc=TšǝçËİǝæóǝŭšóíǝ


for traditional distribution of hotel śĺĺįšǝĺśǝšóËŨšǝĺİǝƜĒĉďŨšƺǝĺśǝËİƉǝİŭįæóśǝ of more inventive microservices not possible in traditional distribution. Network members can build or use third-party applications, the ǚİóŨšǛƺǝŨĺǝǚçËŨçďǛǝŨďóǝǚƛšďǛǝ (NFTs) and distribute them according to ‘smart contracts’, or their terms of use. ¡šæóçĥǝĺƖóśšǝŨďóǝóƈËįŘĨóǝ ĺĈǝËİǝlT ǝĺƖóśĒİĉǝĒŨšǝ


customers a free drink onboard ƜĒĉďŨšǝĒŨǝĒšǝšóĨĨĒİĉǝĺİǝæóďËĨĈǝĺĈǝËǝ


low-cost airline in the network. The traveller is given a QR code which cabin crew accept as payment and as soon as


“We’re not taking intermediaries out with this network – it’s the dealing


æóŨƃóóİǝŨďóįǞŨďËŨǛšǝ çĺįŘĨóŨóĨƉǞíĒƖóśóİŨǙǞ


that is done the unique NFT is validated ĒİǝŨďóǝæĨĺçĥçďËĒİǝËİíǝŨďóǝĺİóǑĺƖǝ transaction completed. NFTs can be used instead of vouchers


ĈĺśǝƜĒĉďŨǝíóĨËƉšǝĺśǝçËİçóĨĨËŨĒĺİšƺǝ ĺƖóśĒİĉǝËİǝĒİçóİŨĒƂóǝŨĺǝæĺĺĥǝËǝİóƃǝ ƜĒĉďŨǝæŭŨǝƃĒŨďǝŨďóǝËššŭśËİçóǝ that they have a stable monetary value. Firms might also drive


customer loyalty by issuing them as booking incentives for future trips or hotel stays to avoid high OTA commissions or expensive Google advertising costs. And competing hotel chains might collaborate to reduce distribution costs by issuing NFTs as a booking incentive for customers that


çËİǝæóǞśóíóóįóíǞƃĒŨďǝóĒŨďóśǝæśËİíƿ NFTs might also be used for non-


çĺįįóśçĒËĨǝİĺŨĒƛçËŨĒĺİšƺǝšŭçďǝËšǝçśĒšĒšǝ management updates, health and safety advice or hotel and room mapping information.


EASIER TRANSACTIONS


Usbeck says this will do away with the İóóíǝĈĺśǝįŭĨŨĒŘĨóǝ PGǝĈóóíšǝËİíǝįŭçďǝ traditional contracting because every supplier, product and transaction is validated by the network. “You can create a digital asset for any product, whether it’s a seat on a plane, a


bed in a hotel, a massage or a Segway ŨĺŭśƿǝGŨǝĨĺĺĥšǝŨďóǝšËįóǝËİíǝƉĺŭǝçËİǝíóËĨǝ įŭçďƺǝįŭçďǝįĺśóǝóËšĒĨƉƺǙǝďóǝËííšƿǞ ǘGİǝŨďóǝĈŭŨŭśóƺǝƉĺŭǝƃĒĨĨǝóĨĒįĒİËŨóǝ


ďŭİíśóíšǝĺĈǝ PGšǝæóçËŭšóǝƉĺŭǝçËİǝŭšóǝ the network for the validation to check ĒĈǝĒŨǛšǝËǝśóËĨǝŘśĺíŭçŨǝĺśǝĒĈǝĒŨǛšǝƂËĨĒíƿǞ “And with smart contracts you deliver


the product and in the same second receive the money. Or you supply a product and you can pay multiple parties in the same second. Compare that to the current situation where product and payment, by something like credit card ĺśǝPËƉPËĨƺǝĒšǝËĨƃËƉšǝšóŘËśËŨóíƿǙ Usbeck says Chain4Travel was set up


in Switzerland due to its reliable crypto śóĉŭĨËŨĒĺİƿǝGŨǝśËĒšóíǝ D=ƦƿƥǝįĒĨĨĒĺİǝ ǍdzƥƿƫƨįǎǝšóóíǝĈŭİíĒİĉǝËİíǝĨËŭİçďóíǝ testnet Columbus to trial the technology. GŨǝĺŘóİóíǝËǝŘśóǑšËĨóǝĺĈǝ ËįĒİĺǝçĺĒİšǝ earlier this year, which saw all ƧƢǞįĒĨĨĒĺİǝšóĨĨǝŨĺǝƥƢƢǝ companies and private ĒİƂóšŨĺśšƺǝËďóËíǝĺĈǝËİǝGİĒŨĒËĨǝ ĺĒİǝlƖóśĒİĉǝǍG lǎƺǝƃďĒçďǝ


aims to raise a further CHF10 million. )šŨËæĨĒšďóíǝŨśËƂóĨǝƛśįšǝ


backing Chain4Travel include Lufthansa, Tui, Eurowings, Der


Touristik, Hotelplan, HolidayPirates, BusyRooms and HolidayCheck. “We already have a wide range of šŭŘŘĺśŨóśšǝƃĒŨďĒİǝŨďóǝŨśËƂóĨǝĒİíŭšŨśƉƺǙǝ


24 — OCTOBER 2022 — TRAVOLUTION.CO.UK


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