What is ETH Travel?
The travel industry is an important and decisive sector to the global economic development. Its direct impact to the global economy was more than 7 trillion USD in 2017. Given the current globalization typified by a changing pattern of traveler’s demands, our options and means of travel are continuously expanding. Traveling to different countries, hotels, and purchasing tickets for local transactions will be in traveler’s fingertips. This will reduce the time to contact the third partysupport agencies in case of any issues and multiple follow ups. The transfer and exchang of traveler’s data over the untrusted networks, circulation of related payment in the industry and reconciliation strategy between service providers and travelers are fast becoming a travel-related global problem as a result of manner of settlement, fraud, means/terms of payments, and legacy systems. These challenges are inhibiting the potentials of the travel industry as loss of huge amounts every year.
The different approaches employed to share and exchange data/value, disputes and costs of transactions in settlements personified us, as the travelers, and reduce the profitability of the service providers. We believe that the ETH Travel ecosystem with its native crypto currency called Ethereum Travel TOKENS (ETHTT) and blockchain smart contracts will be the ideal solution to these pain points. The ETH Travel blockchain provides incentivize and innovative solutions for data transfer and storage in the industry, payment and billing problems, real-time solution for dispute settlement, and introduce technology-driven functionalities such as exchange market for reservations & tickets, and tailored-made airline tickets. Hotel reservation/ticket will be done via the ETH Travel smart tokens which can be divided, exchanged or used to make payment on the ETH Travel platform.