- Camino Network has announced the successful launch of its mainnet designed for the Web3 travel ecosystem.
- The integration of travel and tourism into Web3 opens doors for numerous advancements in the industry. .
The Swiss startup Chain4Travel, which is helming the ambitious, innovative project of incorporating the travel and tourism industry in Web3 blockchain systems, with Camino Network consortium blockchain, has made an exciting announcement of the launch of their mainnet. With the absorption of tourism industry on blockchain networks, this is set to start a new travel ecosystem within the Web3 space.
Camino Network’s mainnet for Web3 travel ecosystem
Ever since crypto happened, the blockchain technology has taken the world by storm. Being the basis for Web 3.0, innovators and entrepreneurs have been coming up with ideas about not only bettering the chain but also propositions on wider application of blockchain. In a recent development, the use case of blockchain in the tourism sector has finally become a reality..
It was an innovative project by a Swiss startup Chain4Travel. It deployed Camino Network, a public and permissioned blockchain development consortium outlined to develop a Web3 blockchain network specifically concerned with travel-related products and services. This is going to help with the emergence of a Web3 travel ecosystem, i.e., travel ecosystem on blockchain networks.
This is seen as an expansion of the Web3 space with the subsumption of the tourism sector. It will enable stakeholders to build decentralized applications (dApps) that will support, connect, enhance and optimize travel businesses across the world. The launch of the mainnet was announced on May 4. This means that the blockchain protocol is fully developed, live and now accessible to use. The traffic will begin to broadcast once a dApp is deployed on the network.
Nonetheless to mention that Camino Network is a DAO (Decentralized Autonomous Organization) and its consortium consists of technology providers, industry expert organizations and key players and stakeholders of the travel industry such as tourism brands, hospitality brands, airline companies etc. Backed by more than 80 prestigious companies who have come together as trusted validators of the blockchain network, the names include Lufthansa, Eurowings, Hahn Air, TUI, DER Touristik, Sunnycars, Hexens among many more.
The testnet of Camino Network underwent extensive alpha testing, starting in the second quarter of 2022.The main responsibility of the testing run was assumed by Hexens, a cybersecurity expert technology provider who has previously audited many well reputed networks like Polygon, 1inch, TON etc. The external audit included, among other components, source code, smart contracts, infrastructure components and security protocols over a comprehensive bug bounty program.
Mapping the tourism industry on Web3
The travel industry is one of the largest industries in the world, contributing to more than 10% of the global GDP prior to the COVID-19 pandemic situation. The scope of improvisation and swifting the processes is vast. In fact, friction and inefficiency are significant challenges in the industry.
Camino blockchain, facilitated by Chain4Travel will revolutionize the operations of the tourism sector on a global scale as the industry itself is of a global nature. The promise that an industry-owned blockchain holds for both travel businesses as well as the travellers is huge when it becomes a peer-to-peer collaboration. Businesses will become more secure and streamlined on decentralized applications powered by smart contracts.
Smart contracts facilitate accurate and faster transactions. Applications can be many from simplified payment systems, loyalty programs, rewards, repeatability discounts to better reconciliation processes, security procedures, visa applications and malpractice handling.
Conclusion
A blockchain-based travel infrastructure exploits full potential of Web3 technology and leverages it to drive tangible advancements and innovative solutions for challenges in the service sector. It helps expand the size of much talked about Web3 as it encompasses more and more sectors besides financial services.
Camino Network brings in an important demonstration for actual contemporary real-world use cases of Web3 that go beyond the crypto domain. The travel industry will unquestionably witness a new era of technology, hopefully before long, as many dApps are already being developed on the network.
