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Lufthansa, Eurowings, and other entities in the travel sector advance initiatives in Web3 technology.
Following the recent introduction of the Camino Network, a blockchain focused on travel, traditional travel companies are setting their sights on a Web3 future.
Cointelegraph engaged with executives from Europe-based airlines Lufthansa and Eurowings—among the first to adopt the Camino Network—to gain insights into how Web3 integrations are advancing this sector.
Johannes Walter, the head of channel partners at Lufthansa Group, expressed his belief that “decentralization and tokenization” will pave the way for innovative business models and partnerships, “ranging from establishing more direct, strategic collaborations and enhancing transparency to generating new revenue streams and improving the customer experience.”
“We strive to thoroughly comprehend the landscape to generate long-term value for our customers and partners that aligns with our brand strategy.”
According to a 2021 Statista report, the travel and tourism sector contributed approximately $5.8 billion to the global gross domestic product that year.
Jens Bischof, the CEO and chief customer officer of Eurowings, reiterated this perspective, noting that the travel sector is one of the “largest industries globally,” handling vast amounts of “sensitive data” daily.
“Web3 provides Eurowings with a means to address these requirements efficiently and securely.”
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Bischof also mentioned that the company is exploring the application of blockchain technology for customer loyalty programs.
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Prior to the launch of Camino, other companies in the travel sector had already implemented blockchain-based solutions. Air Canada and Etihad Airways both utilized the Winding Tree blockchain for product distribution, eliminating the need for intermediaries.
Despite the growing adoption, Bischof highlighted that a barrier to widespread acceptance is the absence of clear regulations.
“Nonetheless, as major players globally embrace Web3 technology and European institutions lead in crypto regulation [MiCA], we are optimistic about the future of advancing our [industry].”
Recently, lawmakers in Europe granted their final approval to the European Union’s Markets in Crypto-Assets legislation. This development coincides with local legislators considering another legislative measure known as the AI Act, aimed at regulating the development and use of artificial intelligence.
Emerging use cases for Web3 technologies within the travel sector are already beginning to surface. The concept of utilizing the metaverse has been proposed to “inspire travelers” by providing virtual experiences of what a destination has to offer before their actual visit.
Non-fungible tokens have also been considered for use as NFTickets, potentially enabling airlines to increase revenue through secondary market resales.
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