Lufthansa partners with Winding Tree to integrate Blockchain tech in travel
The Lufthansa Group, the German airlines operators, has partnered with Winding Tree, a Swiss blockchain startup in order to integrate decentralized Ethereum technology into the travel industry. In fact, Winding Tree is the developer of a public and decentralized B2B blockchain marketplace for the air travel industry.
As a result of the partnership, Lufthansa will integrate its API’s into Winding Tree’s public blockchain. This would benefit the end user, as blockchain-based booking transactions and participation from startups and companies eliminate the need for intermediaries, and hence, reduce the costs and increase the efficiency for the traveler. In addition, Lufthansa would receive higher profits from bookings, whereby the removal of intermediary commissions and payment processor fees reduces transaction fees.
Markus Binkert, Senior Vice President Distribution & Revenue Management, Lufthansa Group Airlines said "By integrating these APIs with Winding Tree’s public blockchain Lufthansa Group enables all innovative partners who develop cutting-edge travel applications to access these offers via a decentralized and intermediate-free travel marketplace."
More specifically, travel service providers including airline and hotels, will be able in the future to present their services on Winding Tree’s platform, and the interested companies would provide specific offers that suit the needs of their customers, by connecting on the blockchain-backed marketplace. Numerous new apps for travelers would emerge and would be able to book Lufthansa’s flights by choosing the most suitable offer for their needs
Maksim Izmaylov, Founder and CEO of Winding Tree, stated “The partnership with the Lufthansa Group will allow us to build blockchain-based travel apps which not only adhere to the requirements of airlines but we will be able to test these with Europe's largest airline, further validating the efficiency and scalability of the platform. Lufthansa Group is setting an example for the travel industry.”
Furthermore, Winding Tree is currently launching a token sale of its cryptocurrency "Líf" on the 1st of November, whereby Lufthansa Group is participating in the presale to show its confidence in the revolutionizing power of blockchain in the travel industry.