WebBeds signs blockchain deal

SINGAPORE, 2 March 2018: WebBeds a regional B2B travel distributor has completed agreements with three travel and hospitality companies for the use of its blockchain technology, Rezchain.

Webjet, the global parent company of WebBeds, announced in 2016 that it had developed a functioning blockchain solution.

It claims to be the first company in the hotel distribution industry to implement a blockchain initiative.

Using fourth generation blockchain infrastructure, Rezchain removes the pain of reconciling accounts payable and accounts receivable and eliminates the high cost of unreconciled data and associated losses.

Two major travel distribution companies and a leading Asian hospitality company have now signed Memoranda of Understanding (MoUs) with WebBeds Asia-Pacific to implement Rezchain in their businesses.

They are Far East Hospitality, a Singapore-based hotel and serviced apartment operator; Dida Travel, an overseas hotel distributor in China; and MG Group, a bedbank in Southeast Asia.

According to industry estimates, 3 to 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.

Rezchain’ functioning blockchain enabled technology allows companies to share data “on chain” to address mismatched data in real-time, eliminating disputes at invoice time.

“Blockchain is one of the most exciting innovations in the travel industry accounting,” said WebBeds Asia CEO Pacific Daryl Lee. “The architecture of Rezchain enables companies to reconcile their accounts, while also ensuring the privacy and security of sensitive company booking data.”

WebBeds is a subsidiary of Webjet Limited, operating its B2B travel business through Lots of Hotels, Sunhotels, JacTravel and FIT Ruums brands, selling more than 250,000 hotels rooms worldwide to travel agent partners via their Application Programming Interface (API) and online channels.

Webjet Limited (ASX: WEB) is an ASX 200 listed company operating a digital travel business and also operates in the B2C sector through the market leading Online Travel Agency of Webjet in the Australia and New Zealand market, and Online Republic which specializes in the online booking of cars, motorhomes globally and cruises in the Australia and New Zealand markets.