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Swiss startup Chain4Travel announced Thursday the launch of the mainnet of its blockchain-based infrastructure for the travel sector called Camino Network. The public and permissioned Web3 blockchain is designed to transform the travel industry by allowing participants to build and deploy decentralized applications backed by smart contracts.
An industry-owned blockchain
Chain4Travel hopes that its Camino Network will usher in an industry-owned blockchain that facilitates peer-to-peer business and fostering greater collaboration.
The network is operated, maintained, and governed by a decentralized autonomous organization (DAO). It includes dozens of globally recognized travel industry giants, most notably German-based airline behemoth Lufthansa (ETR: LHA). Other participants include Eurowings, Hahn Air, TUI, DER Touristik, and Sunnycars.
According to Peter Stilwell, Head of Business Operations & Strategy, Coinbase EMEA:
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.
Live after an ‘extensive testing process’
Camino Network has been up and running in testnet since Q2 of 2022 as part of what it describes as an “extensive testing process,” according to the press release.
The process included an external audit of its source code, smart contracts, and infrastructure components by the cybersecurity specialist Hexens. Over 80 names in the travel industry have signed up to act as validators for Camino Network. As part of an agreement, each validator was required to stake 100,000 CAM to participate. In return they received equal voting rights over governance matters.
An initial group of validators is taking part in the soft launch of the mainnet to test and validate the network and the initial dApps it supports in a real-world setting. Once this testing phase is complete, the remaining validators will be onboarded rapidly, ensuring the network is ready for prime-time by the end of June.
The Camino Network is driven by the Camino token and provides the global travel industry with a versatile network to expand current business models and create new touristic products. It is expected to bring significant additional interest to the overall web3 space by demonstrating new, real-world use cases beyond financial services.
Vahe Karapetyan, CTO and Co-Founder Hexens, commented.
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.
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