In addition to emerging voice technologies, blockchain likewise represents a major paradigm shift in the travel industry around data collection and distribution, according to a panel at last week's Expedia Partner Conference.
“Blockchain is the number one technology that people talk about, but actually have no idea what it is,” Expedia senior vice president of global product Arthur Chapin says.
Blockchain can completely change how distribution is done.
Arthur Chapin
“It’s fundamentally about having a big paradigm shift about how we collect data,” says Elizabeth Shepherd, vice president of enterprise data platforms and services.
“It’s not necessarily about taking transactions, but about how we interact. Blockchain stores information as an asset – currency, loyalty points, anything” and that data set is independently verified and can’t be changed or corrupted.
In response to that – the democratization of data and independent individuals who can trust it – what role does that leave for intermediaries like Expedia?
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“It’s definitely an open question … blockchain can completely change how distribution is done,” Chapin says.
“That said, I think there’s going to be a lot of question about what a blockchain-based distribution system will look like and the expense and time to get [the industry] on to it. It’s a lot of unknown.”
Chapin goes on to say that Expedia is continuing to invest in blockchain technologies, as “over the past 100 years, disruption has happened quicker and quicker.”
How and Why Blockchain Can Transform the Travel Industry
* This reporter's attendance at the event was supported by Expedia Inc.