IBM (IBM) and Travelport (TVPT) Expand Their Relationship with AI and Blockchain Technology

406

Late in August, Travelport (NYSE:TVPT) and IBM (NYSE:IBM) announced the industry’s first Artificial Intelligence AI platform, which was designed to help businesses manage corporate travel spend.

This platform supported with the data available from Travelport, will intelligently track, manage, and analyze the travel costs involved to reach a destination. This is radically creating change in how companies manage and optimize their travel programs.

The duo has now taken its partnership one step further using blockchain technology in the distribution landscape.

Travelport

The company provides a travel commerce platform, which offers technology, mobile, distribution, payment another solutions for the travel and tourism industry.

The main business profile of the company includes connecting different travel providers such as airlines and hotel chains with the online and offline travel agencies and other travel buyers in its business to business travel commerce platform. Along with this, it offers a range of digital and mobile services that allow Airlines, hotels, corporate travel management companies, and travel agencies making them engaged with their customers via mobile services. These mobile services include applications, corporate booking tools, mobile web, and mobile messaging. The travel commerce also connects travel agencies, travel management companies, and corporations.

IBM Artificial Intelligence for the Travel and Tourism Industry

IBM Watson Artificial Intelligence

IBM and travel port have been in partnership for a long time. The relation between the two companies seems to be strengthened since the beginning of the Global distribution system. IBM’s Watson serves a greater purpose in this relationship with IBM’s travel manager benefitting the possibilities of the Watson to execute various web services through the IBM Cloud. Watson has found significant utilization in medical centers and broader uses of AI-related applications, which includes natural language processing, voice recognition, and business analytics. By using IBM Watson, Travelport aims to use actual cases based on its sound knowledge of the travel industry.

Along with Watson, there is IBM travel manager which is an interactive dashboard offering end to end visibility of travel spending. It also gives the ability to create alerts and notifications, productive and predefined spending trend analysis, and natural language understanding to analyze text and conclude various conclusions from all sorts of data available. The data available with IBM travel manager can be intelligently used for the Travelport Global distribution system with an aim to create real-time predictive recommendations to customers on how to do adjustments in travel booking considering the travel budget.

Next Phase: Travelport Uses Blockchain Technology

In the next phase of the partnership, Travelport will be using IBM blockchain to streamline the hotel and in-trip experience ecosystem. In order to achieve customer satisfaction variety of choices after analyzing, data fulfillment experience and smooth booking become very imperative.

IBM Blockchain

In recent years customers have commonly uploaded their travel experiences onto social media platforms. So while skimming through the pictures of your friend who has recently uploaded pictures of a beautiful place they have visited, what if the system, while hovering over the pictures, gets travel costs needed to pay to reach the same destination considering the customer’s past personal travel expenses? In this way, the customer is provided with ready real-time data with fewer efforts from the customer side. Travel agencies have faced many difficulties with access to so much public travel data, simply  because of the diverse nature of travel services and products. Processing settlements across suppliers have always been a difficult job. As a result of which agencies find it difficult to sell products because of the issues prevailing in the traveller’s experience and cost of processing.

By enabling blockchain technology between Travelport and IBM, content could be managed in a way that will provide travel agencies with the required amount of comfort and overall fulfillment leading to ease of sale.

The main benefit of blockchain in travel is that it provides the ability to put a smart contract across a distributed ledger. With a smart contract, payment settlement within the network members significantly decreases the overall processing time. This happens as it manages diverse ledgers across multiple companies removing the need for manual processing. This increases the transparency to the system across all the parties involved in the network.

In addition to above benefits, the duo also plans to apply IBM’s Watson Analytics Studio to develop new services like specifying the best time to buy or offering recommendations based on previously combined travel data, adding more value to the travelers the agency serves.

Disclaimer

Blockchain Stocks has not been paid to mention any stock /company within this article nor do we own any stock in any company mentioned in this article. More information about our full disclosure can be found here – Full Disclaimer.