The web3 travel ecosystem Camino Network’s mainnet has gone live, according to Chain4Travel, a Swiss company developing a blockchain-based infrastructure for the travel industry and supported by a number of significant market players.
Anyone can build on The Camino Network, a public and permissioned Web3 blockchain for the international travel sector. By allowing users to create and deploy decentralized apps powered by smart contracts, it will revolutionize the travel sector and usher in a new age of travel-related goods and services. Camino Network hopes to provide practical benefits to the web3 industry as a whole with this approach. Camino Network is a consortium blockchain that is run, managed, and regulated by a decentralized autonomous organization (DAO). It is made up of dozens of significant stakeholders in the travel sector, including trailblazing companies like Lufthansa, Eurowings, Hahn Air, TUI, DER Touristik, and Sunnycars.
One of the biggest industries in the world, travel contributed more than 10% of the world’s GDP before the COVID-19 epidemic. However, the industry is infamous for its sluggish rate of innovation due to its reliance on a plethora of bilateral licensing agreements and decades-old, proprietary technology platforms. The travel business needs a thorough technical revamp to speed up digital transformation, with next-generation decentralized apps and services based on a shared, open, and global infrastructure that benefits all participants equally. Participants in the travel industry will have access to a blockchain that is owned by the industry and facilitates peer-to-peer commerce while encouraging more cooperation and innovation thanks to Camino Network. On the network, numerous dApps are already being developed to automate procedures like payment and reconciliation or to create entirely new goods like loyalty programs and retradeable rates.
“Camino Network will revolutionize the global travel industry by empowering both travel businesses and travelers with the full potential of web3 technologies. This approach could also bring significant additional interest to the overall web3 space, as it demonstrates new, real-world use cases that go beyond financial services,” said Peter Stilwell, Head of Business Operations & Strategy, Coinbase EMEA.
Since Q2 of 2022, Camino Network has been operational on the testnet as part of a thorough testing procedure before going live. The procedure included an external examination of its source code, smart contracts, and infrastructure parts by the cybersecurity expert Hexens, which has inspected several other projects, including the Polygon network, 1inch, and TON.
“Along with the released bug bounty program, we firmly support the comprehensive security approach of the Camino team on its way to delivering a fast and secure solution for its users” said Vahe Karapetyan, CTO and Co-Founder Hexens.
More than 80 renowned companies from the travel sector, including airlines, IT companies, and operators, have committed to serving as Camino Network’s trusted validators. In exchange for staking 100,000 CAM, validators are given equal voting rights on governance issues. In order to test and certify the network and the first dApps it supports in a real-world situation, a preliminary group of these validators are taking part in the soft launch of the mainnet. The remaining validators will be quickly on boarded when this testing phase is over, guaranteeing that the network is prepared for prime time by June 2023.