Blockchain technology revolutionizes the travel sector

Spanish technology consultancy, Hiberus, along with Swiss based travel tech pioneer, Chain4Travel, are together working on an exciting new project to offer intelligent travel insurance policies through the innovative Camino blockchain. This initiative is carried out for Intermundial, an insurance firm specialized in the tourism sector. The use of blockchain technology has significantly changed the way data is used and stored and while this new technology is filtering into the travel sector it creates opportunities to develop a wide range of innovative applications and functionalities.

Chain4Travel is pursuing the set-up of the global blockchain-based ecosystem, Camino, a stable and secure trading network for B2B, B2C and even direct to consumer (D2C) travel products. Partners offering services for the travel industry are invited to create and develop solutions based on this state-of-the-art blockchain technology.

Ralf Usbeck, CEO at Chain4Travel, explained: “This first use case of Intermundial focussing on the provision of travel insurance is a perfect example of making use of blockchain technology and its benefits. The process is based on smart contracts in form of NFTs created by Hiberus and presents an immense gain in efficiency across the insurance landscape.”

The application of blockchain technology to travel insurance policies will, for example, automate the accidental loss and compensation process. “If a flight is cancelled or delayed, this new smart system will automatically pay the customer the corresponding amount of insurance money according to the insurance policy contracted – without making any kind of process or request form necessary”, revealed Manuel López, CEO at Intermundial. “In this way, we can sell our travel insurance policies in a safe and controlled digital environment and, at the same time, we can improve the customer experience by the automation of compensation management,” he continued.

Besides this blockchain project, Hiberus will continue to work on incorporating their technology into other applications across the travel sector, such as combined travel contracts, payments between different intermediaries, vouchers for all kind of services, and much more. “In 2024, we expect to have 40 professionals specialized in blockchain technology to help our customers in this journey”, said Gérez. “Our purpose is to add the Camino blockchain in our platform for tour operators Travel One Inventory,” he concluded.

Last Friday, 20th January 2023, this compelling blockchain project was presented at FITUR (Feria Internacional de Turismo / International Tourism Fair). Under the heading “Smart insurance policies on Camino blockchain” Jhon Ruiz, Chain4Travel Business Development Manager for Americas; Raúl Gérez, Blockchain Manager at Hiberus and Manuel López, CEO of Intermundial, presented the project and how blockchain technology increases the efficiency and security of certain transactions in the travel sector. Jhon Ruiz concluded: “This innovative use of blockchain technology for travel insurance exemplifies how it can revolutionize the relationship between insurance providers and policyholders. Here transparency and trust are fundamental; both are automated and programmed in a shared database and smart contracts, eliminating the need for manual processes, and resulting in faster and fair payouts. It not only improves operational efficiency but also enhances the overall experience for the end consumer.”