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WebBeds Asia Pacific Seals Three Major Partners for Rezchain, its Industry-First Blockchain Initiative

March 2, 2018 OTA News No Comments Email Email

WebBeds Asia Pacific, the regional B2B travel distributor and part of the WebBeds global powerhouse, has completed landmark agreements with three major travel and hospitality companies for the use of its cutting-edge blockchain technology, Rezchain.

Webjet, the global parent company of WebBeds, announced in 2016 that it had developed a functioning blockchain solution with support from long-term technology partner, Microsoft. This made it the first company in the hotel distribution industry to implement a blockchain initiative.

Using fourth generation blockchain infrastructure, Rezchain removes the pain of reconciling accounts payable and accounts receivable and eliminates the high cost of unreconciled data and associated losses.

Two major travel distribution companies and a leading Asian hospitality company have now penned Memoranda of Understanding (MoUs) with WebBeds Asia Pacific to implement Rezchain in their businesses. These are Far East Hospitality, the major Singapore-based hotel and serviced apartment operator; Dida Travel, the largest overseas hotel distributor in China; and MG Group, the leading Southeast Asian bedbank.

“This is another meaningful leap in our drive to effectively automate and improve productivity. We must let technology do what it does best – manage voluminous transactions quickly and accurately and allow our people to do what we do best; anticipate new needs and find creative solutions to address them,” commented Arthur Kiong, CEO of Far East Hospitality.

According to industry estimates, 3-5% of hotel bookings are disputed in some form when one party attempts to invoice the other. These disputes can take months to resolve and, in some instances, bookings are not invoiced at all, meaning one party is 100% out-of-pocket unnecessarily.

“Blockchain technology will see widespread adoption in the travel industry over time. As the leading travel wholesaler in China, DidaTravel is delighted to partner WebBeds (Webjet) in the industry-first Rezchain project. We believe through our collaboration efforts, Rezchain will go beyond its present applications and yield new synergies, which we will aim to extend to all our clients and partners here in China in the near future,” added Rikin Wu, CEO of Dida Travel.

Rezchain is the hotel distribution industry’s first functioning blockchain-enabled technology platform where companies share data “on chain” to address mismatched data in real time, eliminating disputes at invoice time.  Thorough testing between Webjet’s own B2B companies has proven the effectiveness of the solution.

“We are excited to partner with Webeds on the development of Rezchain blockchain project. Despite all the current hype surrounding blockchain, we believe that this particular use case is both deliverable and commercially viable,” concluded William Newley, CEO of MG Group.

These three MoU are the latest examples of WebBeds Asia Pacific’s commitment to create seamlessly linkages within the hospitality industry and to provide its partners with the latest technology.

“Blockchain is one of the most exciting innovations in the travel industry accounting and we are delighted to provide our partners with such cutting-edge technology,” said Daryl Lee, CEO of WebBeds Asia Pacific. “The architecture of Rezchain enables companies to reconcile their accounts, while also ensuring the privacy and security of sensitive company booking data. We look forward to working with Far East Hospitality, Dida Travel and MG Group on this exciting initiative, and to welcoming even more Asian travel and hospitality companies into the Rezchain network in future.”

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