It’s hard to imagine a world without scanners and electronic records, but paper tickets were the law of the land until e-tickets came around. Even then, e-ticket technology took a very long time to be fully implemented across the entire airline sector. Thankfully, things have improved when it comes to how we reserve and plan our travel, but things aren’t perfect – for both travelers and travel companies.
From the travel sector side of things, there are a lot of issues that cause the industry to perform well below peak performance. For example, there is still a lot of reliance on legacy systems and payment methods, and the general way that settlements are handles make transaction costs much higher than they should be. Those transaction costs are mirrored in the prices we pay as ticket buyers.
From the consumer side of things, we are bombarded with a ton of different resources and options when it comes to reserving and completing travel – which makes the numerous types of emails, apps and accounts we have to juggle all the more confusing.
With the cryptocurrency revolution still in its early stages, a new form of travel platform called Further Network (ATON) has been putting blockchain technology into use – and developing an ecosystem that has the potential to change how we all reserve and manage our travels.
Further Network is re-inventing the ticket
This cryptocurrency organization is launching a platform called the Autonomous Smart Travel Ecosystem, which is a blockchain-based network where any sort of asset provider in the travel industry (large and small firms alike) can develop their own asset with their own structure using smart contract technology – all while getting paid in real time in whichever cryptocurrency they want.
The Further Network ecosystem is run thanks to two different types of tokens. The first token is called the Aton token (ATON), and it will be the cryptocurrency associated with Further Network that will appear on exchanges. In other words, this is what you will buy – it’s an ERC20 token, launched on the Ethereum network.
This is how they describe ATON:
“Aton, the driving force that Further Ecosystem will be running on. All transactions which has a value in the Further Ecosystem will both be kept in desired currency and in Aton. This will allow the system to calculate the entirety of the transactions and set the balance independent of the currency used by the issuer or the purchaser. Since STR holds both the desired currency and Aton value, the system will calculate the settlement over Aton which will work real-time and currency free. This desired currency can even be any other cryptocurrency.”
As for the Smart Travel Record (STR), this coin is an all-in-one digital ledger that only the user has access to. It’s a smart contract-enabled digital asset that includes all the necessary information and documents for your reserved travel.
That Smart Travel Record (STR) will be accessible through a private wallet app, which will be the main portal for all Further Network users to manage their travel reservations. It will also make everything efficient from the client-serving side, as everything will be compatible and immediately transferable via the blockchain.
It’s a pretty interesting system that they have planned out in detail – you can check out the fine print in this project’s whitepaper.
With this kind of smart contract technology incorporated into an all-in-one travel app, which is connected to a secure ecosystem, combined with absolute desperation the market is in for a new type of product – this project looks like it has a lot of potential.
Interested? Check out the Further Network Telegram here.
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