Chain4Travel is leading the charge on the Camino Network, the travel sector blockchain, with the backing of over 120 companies and SFR 10 million ($11.2 million) in financing.
The Swiss company Chain4Travel announced it had launched the mainnet of its Web3 travel ecosystem Camino Network on May 4 as it seeks to create a blockchain-based travel infrastructure.
The Camino Network is a Web3 blockchain that anybody can access and use for the worldwide tourism sector. The ability to create and deploy decentralized apps supported by smart contracts is expected to revolutionize the travel industry and usher in a new age of travel-related goods and services.
Camino Network, a consortium blockchain operated, managed, and administered by a decentralized autonomous organization (DAO), comprises dozens of prominent travel industry partners, including names like Lufthansa, Eurowings, Hahn Air, TUI, DER Touristik, and Sunnycars.
Travel sector’s digital transformation
The travel industry needs a thorough technical makeover to speed up its digital transition, one that includes next-generation decentralized apps (dApps) and services based on a global, open, and shared infrastructure that benefits all players equally.
Camino Network provides players in the travel industry with an industry-owned blockchain that facilitates peer-to-peer business and increases opportunities for cooperation and new ideas. More and more dApps are being developed on the network to facilitate existing services, like payments and reconciliation, or entirely novel ones, like loyalty programs and retradeable rates.
Head of Business Operations & Strategy, Coinbase EMEA, Peter Stilwell, stated:
“Camino Network will revolutionize the global travel industry by empowering both travel businesses and travelers with the full potential of Web3 technologies. This approach could also bring significant additional interest to the overall Web3 space, as it demonstrates new, real-world use cases that go beyond financial services.”
As part of its rigorous testing procedure before going live, Camino Network has been operational on testnet since the second quarter of 2022. The cybersecurity expert Hexens inspected the Polygon network, 1inch, and TON, among many other projects, and performed an external audit of the project’s source code, smart contracts, and infrastructure components as part of this process.