WEBJET (OTCMKTS:WEBJF) Pronounces Growth Of Its Blockchain-Based Accounts Reconciliation Solution


WEBJET LTD (OTCMKTS:WEBJF),which happens to be an Australian travel booking site has moved ahead to make the announcement regarding the expansion of Rezchain. This happens to be its blockchain-based accounts reconciliation solution and it is also crucial to mention that it signed agreements with about four international travel brands.

In the past two years Webjet has paid great focus towards the development of the solution. It was sometime back when it proceeded to deploy it on its “fourth generation” blockchain infrastructure in a bid to offer the required support to the Rezchain Smart Contracts.

The company has disclosed that Rezchain has in the course of its business operations given immense freedom to the series of companies in the hotel distribution industry. They have been able to share data “on chain.”

And it is important to point out that it is about empowering them in such a way that they are able to address the matter about accounts receivable data and the mismatched accounts payable in real time.

Webjet takes the strong standpoint that through the blockchain it has managed to make a huge headway in terms of succeeding in addressing a major issue in the hotel distribution chain. Reports indicated that the estimates stood at that 3 to 5 percent of bookings and to be more specific these were all disputed in a way whenever any of the parties chose to make attempts to invoice each other.

Webjet asserted that the provision of blockchain as a service to the various companies in participation was a matter that they took with uttermost seriousness. According to it, with time most of the larger organizations might start making their contributions of computing power not forgetting that they might also be resorting to running their own mining nodes.

Graham Anderson, who happens to be the Webjet Head of Technology opined, “It can be overwhelming for a travel company to consider adopting a new process that also requires the steep learning curve of a new technology. Rezchain provides a simple entry point to blockchain efficiencies. “