ALTA and TravelX Team Up to Revolutionize the Aviation Industry
The Latin American and Caribbean Air Transport Association (ALTA) is pleased to welcome TravelX as its newest Affiliate Member.
April 26, 2022
Panama, April 26, 2022 – The Latin American and Caribbean Air Transport Association (ALTA) is pleased to welcome TravelX as its newest Affiliate Member.
TravelX is the company building the travel industry’s first blockchain-based distribution protocol and presents a new business model for the travel industry. In particular, it allows suppliers to distribute their products as non-fungible tokens (NFTs) using stablecoins as means of payment. This will strongly reduce friction in all distribution and payment processes in the current travel ecosystem.
Blockchain technology is the most secure, seamless and efficient network ever created, as it does not rely on centralized servers, but on millions of independent servers connected to the blockchain network and distributed all over the world. TravelX offers protocols that make it easier for stakeholders to conduct their distribution and operational processes through blockchain, driving new revenues, reducing costs and significantly improving the customer experience. Through a simple implementation, suppliers will be able to distribute their inventories additionally as tokens and thus have a greater control and traceability over their products.
Currently, the crypto user community is made up of some 400 million people, a figure that doubles every 12 months. Suppliers will also be able to gain immediate access to this new market through TravelX’s integrations with crypto exchanges.
Scaling Efficiency Exponentially
“We are very excited to be part of the Latin American and Caribbean Air Transport Association, which we deeply respect for its great professionalism and quality of its members. We created TravelX because we are convinced blockchain technology has reached a maturity point that will help the evolution of the travel industry. As ALTA members, we are looking forward to working together to achieve this goal”, commented Juan Pablo Lafosse, CEO of TravelX.
“The future of the aviation industry is already here. This partnership allows us to explore new ways to generate value and scale efficiency exponentially. Actions such as purchasing, refunding, cancellations or insurance collection can be run automatically, thanks to the possibility offered by blockchain technology and smart contracts. At ALTA we are excited to bring our members the know-how and technologies available to keep us at the forefront of innovation and continue to bring the air transport to more places and people”, expresses José Ricardo Botelho, ALTA’s Executive Director and CEO.
NFTickets, the Future of Air Tickets
One of TravelX’s most innovative propositions is the tokenization of tickets, evolving them into NFTickets that can be distributed or exchanged between any actor in the blockchain network according to the smart contract or parameters predefined by the service provider.
This is possible at the moment thanks to the maturity that the blockchain network has reached in recent years and the integration of this technology with the traditional financial world.
NFTickets can be exchanged, transferred or sold resulting in additional revenues for the service providers. Furthermore, by issuing NFTickets, service providers are guaranteed greater control over their inventories, even after they have been sold through any of their channels.
Refunds and exchanges are immediate and are governed by automatically run smart contracts. This saves costs and lead times associated with customer service provided by human workers.
Recently, TravelX and Air Europa, an ALTA member airline since 2015, launched the first series of NFTickets. The tickets will provide a seat on a flight from Madrid to Miami on November 29, 2022. In addition, NFTickets holders will have special benefits and access to artistic events in that U.S. city. This milestone sets the beginning of a new era for air travel.
ALTA Prepares for the Next Decades
The partnership between ALTA and TravelX goes beyond membership. With its entry into the association, TravelX will support ALTA in becoming the first organization in the aviation industry to be based on the blockchain.
This means that the organization’s transactions will be conducted on the network, streamlining processes and providing its members with access to technological tools that promote competitiveness.
“Blockchain is changing the way we do business. It has impacted and forever changed the economy, and the way we understand value. In this case, blockchain technology will allow us to streamline transactions, make them ubiquitous and instantaneous, and beyond that, automate a myriad of transactions through so-called smart contracts. At ALTA we are excited to announce that we will move our processes to blockchain. An unprecedented action in our industry that will contribute directly and indirectly to the sector in the region and will also reinforce security and the steps we are taking to make the team increasingly agile”, Botelho adds.
Commitment to the Environment
TravelX uses the Algorand network, the world’s most decentralized, scalable and secure blockchain infrastructure. Algorand is also a completely carbon-free Blockchain, designed from the ground up for minimal environmental impact.
“Sustainability has been a core component of Algorand since its inception. Algorand’s Blockchain was designed from the ground up to enable global-scale applications and be eco-friendly”, says Silvio Micali, founder of Algorand. “We are excited to provide the Blockchain infrastructure to enable TravelX to change the world of travel in an environmentally friendly way.”
About TravelX
Led by a team of travel and technology industry veterans with a track record of pioneering change, TravelX is building a blockchain-based distribution protocol developed to create a safer, decentralized, frictionless, transparent and efficient travel industry. The company’s technology enables travel suppliers to tokenize their inventory in NFT, unlocking distribution capabilities and use cases that improve both traveler flexibility and supplier profitability.
About ALTA
It is a private, non-profit organization whose objective is to coordinate the collaborative efforts of member companies to facilitate the development of safer, more efficient and environmentally friendly air transport, with the ultimate goal of promoting the economic development of the countries in the region and generating benefits for our members, aviation industry, governments and the populations served by air transport.
About Algorand
Founded by Turing Award-winning cryptographer Silvio Micali, Algorand’s high-performance Layer 1 blockchain is unmatched in delivering fast, frictionless and inclusive technologies for all. Algorand is reshaping every industry, from TradFi and DeFi to new creator economies and more. With an extraordinary commitment to interoperability and consistent delivery, its sustainable technology drives greater participation, transparency and efficiency for all. Being the technology of choice for more than 2,000 global organizations, Algorand’s ecosystem is transforming the next generation of financial products, protocols and value exchange. Further information is available at www.algorand.com.
