As the travel and tourism industry continues to contribute around 5.8 billion US Dollars in global gross domestic product (GDP), according to Statista 2021, both Lufthansa Group Hub Airlines and Eurowings have decided to move forward with the adoption of Web3 Technology, launching the travel-focused blockchain network Camino.

These integrations are aimed toward maximizing the customer loyalty experience, development of new business models, and increasing transparency within the industry. Johann Walter, Head of Channel Partners at Lufthansa Group Hub Airlines, addressed the benefits associated with decentralization and tokenization via blockchain, as these elements enable the generation of new revenue streams, as well as an enhanced customer experience.

The European Union has recently rolled out a series of crypto regulations called MiCA, in order to keeping the industry regulated, in addition to the AI Act, which works to regulate the development and deployment of artificial intelligence in the economy.

Much more than just customer loyalty and transaction transparency, Web3 technology has the potential to revolutionize the way the travel industry operates. Virtual experiences through the use of a metaverse, as well as NFTickets, which utilizes Nonfungible Tokens to enable travelers to resell tickets on the secondary market, may increase airline revenues and encourage travelers to explore destinations prior to committing to heading out on their trip.

Executives of both Lufthansa Group Hub Airlines and Eurowings have echoed the echoes the sentiment of pushing the boundaries of what is possible in the travel industry, in order to introduce the next wave of travel experience. Web3 technology, paired with the clear regulations, creates an opportunity to grow in the travel industry and bolster the customer loyalty experience.



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