Skift Take
TUI's chief executive is nailing his colors to the mast when it comes to blockchain and its benefits for the travel industry. In theory the technology is great — and TUI has already identified an effective way to use it — but will the hype be justified?
TUI Group is one of the few travel companies keen to talk up the power of blockchain technology.
A blockchain is an open, decentralized database, where each transaction recorded is linked and made secure with cryptography. It is perhaps best-known at the moment through the cryptocurrency bitcoin but anything of value can be recorded.
Chief Executive Fritz Joussen is an enthusiastic believer in the technology and its ability to transform the travel industry.
TUI has already dipped its toe in the water by moving some of its hotel technology onto its own in-house blockchain, and this is only the beginning, he says.
Skift spoke to Joussen for the second time this summer about blockchain to try and find out why he thinks it will be such a game-changer for the travel industry.
Here are our biggest takeaways from the most recent conversation.
1. The end of travel intermediaries?
Perhaps it is unsurprising that few companies are talking about it – at least publicly – given the fact that at its core blockchain is about decentralizing information.
The Internet was supposed to set information free and in its early days this might have been the case but gradually power has become more concentrated.
In theory, blockchain poses a huge threat to the many businesses t
