A business model challenge
Despite the frenzy over cryptocurrencies and what are probably many yet-to-be-known advances from blockchain, analysts say the travel industry faces many challenges when tapping into its potential. One of the biggest is the industry’s historical and notorious inability to agree on common standards.
“We don’t know how as an industry to coordinate, how to collaborate,” Peterson said. “So it’s more of a business model challenge.”
He pointed to the airline industry and its inability more than 20 years ago to develop a so-called super PNR, or passenger name record, to be attached to airline records. A super PNR would include the traveler’s hotel, car rental and restaurant reservations along with other information.
“That never really materialized,” Peterson said. “You realize very quickly it’s a coordination problem….