How Rezchain Works
The challenges, and how Rezchain solves them
We know that:
- Settlement between hotel suppliers and travel buyers is a complex, timely and costly process
- Multiple intermediaries with independent platforms, and practices, opens the door to data mismatches
- With no “single source of the truth”, and limited validation post initial booking, errors go undetected
- Rezchain utilises ground-breaking blockchain technology in the hotel industry’s first platform allowing companies to share booking data in order to address mismatched information.
Reasons bookings can become out of sync:
Even the best API integrations will suffer from timeouts, or messages failing to get to the recipient, which can result in one party believing a booking has been made or amended, while the other party is completely unaware.
This can include things like amendments, cancellations, duration of stay, date changes, booking status updates and room type changes.
How Rezchain works to solve the problem
Rezchain receives daily booking data of all bookings made or modified between two Rezchain connected parties where one party is supplier and the other is buyer. Rezchain compares the data and determines if it matches or not, based on the agreed matching criteria.
When there is a discrepancy or mismatch in booking data presented by both parties, an alert is triggered to tell both parties that they have a data mismatch and should take action to correct the data on one side or the other.
If data is received for a new booking from only one party, Rezchain records that as an “incomplete” booking and notifies both sides that one party has the booking recorded and the other side doesn’t.
Rezchain requires no technical integration on the part of the participating company; a simple daily data file is all that is necessary to begin matching data and solving booking issues.
Why use blockchain?
- There is no single owner of the blockchain, and processing power can be contributed by any of the relevant parties. This decentralised approach leads to a greater level of trust.
- The solution is inherently robust as copies of the ledger are held across multiple processing nodes. If one fails, the others keep working and the ledger lives on.
- As copies of the ledger are decentralised, it is very difficult to distort the truth.
- If one copy is corrupted, other nodes ignore the results and the integrity of the Blockchain remains intact.
- Rezchain operates on a private Ethereum blockchain using smart contracts. The private nature of the blockchain eliminates the public blockchain price volatility.
And what about Data Security?
Rezchain has been designed with multiple levels of security to ensure your data is secure and can only be viewed by parties you have provided access to.
Rezchain users manage security of their own user accounts through their own passwords. These user generated passwords are securely stored in Microsoft’s Active Directory – no one at Rezchain can view, retrieve or change these passwords. So, data stored in Rezchain visible to only authorized users. The system uses OAUTH2 protocol for authentication making it secure from unauthorized access. And mapping of roles prevents users from performing functions they are not assigned to, maintaining data integrity.
Rezchain uses public key cryptography to secure transactions. It generates a pair of public-private key for each participant. Every transaction, including those being written to blockchain, is signed by these keys to ensure that only genuine requests are sent to/from the system. These keys control who can access booking data and how/when. A defining principal of Rezchain is that only the transacting parties can view data for the bookings they have transacted together.
Azure file share is used to allow Rezchain to receive participants’ booking data each day, and once it is processed, Rezchain no longer has access to it.
All data stored on the Rezchain blockchain is hashed. This is a one-way form of encryption that cannot be decoded (as there is no key) yet can be verified by re-hashing exactly the same inputs. This is how Rezchain verifies that neither party has changed their booking data without providing it to Rezchain.
Want to find out more?
If you are interested in finding out more about the platform, the technology that drives it or the benefits Rezchain can bring to your business, contact the team and we will be in touch. Email us at email@example.com