Blockchain technology came to prominence as it underpins the Bitcoin digital currency, however it has much broader potential use. It allows a list of transactions to be shared and validated digitally among a number of computers, rather than on a central server. The secure ledger updates in almost real-time across all the systems in the network. Webjet managing director John Guscic told The Australian Financial Review its blockchain is focused on it business-to-business (b2b) wholesaling arm, which offers hotels to travel agents, and that it promised to cut out the expensive errors that occur in various stages of the travel booking supply chain. "The dirty secret of the global hotel industry is that roughly one in 25 transactions globally end up with breakage where someone provides a service and doesn't get paid for it ... which is an enormous number," Mr Guscic said. "The reason that happens is because you have a lot of intermediaries in this space who are passing information to each other sub optimally, and things get lost or not followed up. We believe blockchain will create a more seamless, less intrusive, more robust supply chain than currently exists across all those parties and ultimately a fairer outcome, because people will get paid the right amount for what service they've provided." Get the full story at the Financial Review