Travel Ledger Alliance is a new organization that is leading a project, based on blockchain and smart contract technology, to build a distributed billing and settlement platform for the travel industry that promises to highly automate the travel purchasing process along the entire distribution chain. The Travel Ledger platform will replace the current billing, reconciliation and settlement process to make it fast, easy and inexpensive to transact non-airline provided travel services.
About Travel Ledger
Travel Ledger is intended to automate purchasing of non-airline travel services, replacing current billing, reconciliation and settlement processes with a faster, easier system. The project is an initiative of Dolphin Dynamics founder Roberto Da Re. He is now working full-time on Travel Ledger, in partnership with London-based Intuitive and Australia’s Tourism Technology.
This type of shared, the decentralized system will allow travel agents, tour operators, accommodation wholesalers, hotel companies, car rental suppliers, cruise companies and others to access inventory and track transactions in near real-time and to settle payments without the need for a third-party fund manager.
From an automation perspective, payment processing and reconciliation are quite outdated in our industry. This platform will bring long overdue efficiencies to all parties and will create the backbone to make further use of blockchain technology into the future,
The Travel Ledger Alliance will include a board of advisors, operational team, a development team, and a business development team to promote the system to companies around the world.
How Does it Work?
Travel Ledger will be a token governed, distributed platform exclusively for travel professionals, developed on the Ethereum blockchain smart contract technology. The Travel Ledger platform will use smart contracts to transparently record transactions and manage the flow of information between existing reservation and back-office systems.
Using a single API, a shared ledger could enable a host of business processes to be fully integrated with back office and reservation systems:
- Supplier invoice reconciliation: Invoice or confirmation recorded in Travel Ledger at time of booking in a single format, back office automatically reads it and reconciles it.
- Commission payment: Records the booking on Travel Ledger and expected seller commission is calculated, payment to the seller processed and recorded on Travel Ledger.
- Payment reconciliation: Payment is processed and transaction recorded on the Travel Ledger platform, receiving party can automatically check and reconcile incoming payment against relevant invoice/transaction.
Travel Ledger Alliance is in the process of forming an advisory board of industry players to steer the project and has offered TTI a key position. This team will set the standards and control access, ensuring that only accredited travel companies will be given access.
The Travel Ledger team is in talks with some of the main industry players to finalize the Founders; a group of visionary industry players that will ensure the project becomes reality.
More information about the company is available on http://travelledger.org .