Over the past two years, we have been developing a blockchain-based solution that enables participating travel companies to eliminate the pain of reconciling accounts issues and the out-of-pocket costs that unreconciled data is likely to cause.
The problem that we have addressed by launching Rezchain is common throughout the hotel distribution chain and the benefits are immediate. Conservative estimations indicate that 5% of hotel bookings are disputed in some form when it comes to invoice time. Disputes can take months to resolve and are often very expensive with labour costs, under-payments and in some cases, bookings not being invoiced at all.
Rezchain is the hotel distribution industry’s first functioning blockchain enabled technology platform where companies share data “on chain” to address mismatched data in real time, eliminating disputes at invoice time. Thorough testing between our own B2B companies has proven the effectiveness of the solution, reducing the time to resolve any identified disputes and allowing the businesses to grow without needing to increase AR & AP resources at comparable rates.
Rezchain is part of Webjet and in February 2018 we were thrilled to announce agreements with several of the industry’s most prestigious companies: Thomas Cook (Europe), DidaTravel (China), Mitra Global (Indonesia), and hotel chain, Far East Hospitality.
Our CEO, John Guscic said in a Press Release issued on 16th February 2018:
“Rezchain requires no technical integration on the part of the participating company; a simple daily file is all that is necessary to begin matching data and solving booking issues. In a low margin, high transaction volume business, it is essential to find ways to be more efficient and eliminate administrative burdens that add no value. This fundamental principal has led to the development of Rezchain”.
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