Newly formed blockchain solution for travel billing the settlement The Travel Ledger Alliance has joined the Travel Technology Initiative (TTI).
It said it will work closely with the industry standards body to promote the platform and TTI members and ensure any future development are in line with other standard setting initiatives.
TTI has been developing and promoting technology standards in the travel industry since 1989.
In that time, it has become the recognised authority on Electronic Data Interchange and e-commerce within the European travel industry and has also developed and introduced standardised ticket formats for ATB2, published the ferry standard Unicorn and more recently coordinated the roll out of TTI codes to uniquely identify hotels.
Travel Ledger Alliance is a new organisation that is leading a project, based on blockchain and smart contract technology, to build a distributed billing and settlement platform for the travel industry that promises to automate the travel purchasing process along the entire distribution chain.
The Travel Ledger platform says it will replace the current billing, reconciliation and settlement process to make it fast, easy and inexpensive to transact non-airline provided travel services.
Travel Ledger Alliance is in the process of forming an advisory board of industry players to steer the project and has offered TTI a key position.
This team will set the standards and control access, ensuring that only accredited travel companies will be given access.
Roberto Da Re, founder of Travel Ledger Alliance, said: ”TTI has considerable experience in developing and setting standards for the travel industry and their expertise in this area will be extremely beneficial to the Travel Ledger Alliance. Furthermore, we greatly value their input in a ￼governing role for the Travel Ledger platform.”
Tim Wright, chairman of the TTI, added: “I am really excited about working with the new Travel Ledger initiative.
“The industry has been crying out for a workable solution to the non-airline billing, reconciliation and settlement process. This speedy, cost effective and easy-to-use solution is the way forward.
“TTI is delighted to be involved and add our knowledge and expertise to this new venture. This is exactly the type of technology standard that TTI is looking for and we are delighted to be involved right from the start.”
TTI and the Travel Ledger Alliance will run their first joint event on March 1 in London during which the Travel Ledger initiative will be officially presented.
Registrations are open at www.travelledger.org or visit the TTI website to register for the event: www.tti.org/home/events/ttihub-march-2018/