The announcement comes after an extensive testing process that included an external audit of its source code, smart contracts, and infrastructure components by cybersecurity specialist Hexens.
Camino Network is a public and permissioned Web3 blockchain for the global travel industry that will enable participants to build and deploy decentralized applications powered by smart contracts, ushering in a new era of travel-related products and services.
The network aims to create real-world value for the web3 space as a whole, with an industry-owned blockchain that empowers peer-to-peer business while fostering greater collaboration and innovation.
It is governed by a decentralized autonomous organization (DAO) and comprises a consortium blockchain of numerous major travel industry players, including leading brands like Lufthansa, Eurowings, Hahn Air, TUI, DER Touristik, and Sunnycars.
More than 80 prestigious names in the travel industry, including airlines, technology providers, and operators, have signed up to act as trusted validators for Camino Network. Each validator is required to stake 100,000 CAM to participate, receiving equal voting rights over governance matters.
An initial group of these validators is taking part in the soft launch of the mainnet in order 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 June 2023.
The global travel industry is one of the largest in the world, accounting for more than 10% of global GDP prior to the COVID-19 pandemic. However, the industry has been slow to innovate due to its reliance on decades-old, proprietary technology platforms and bilateral licensing agreements.
Camino Network is expected to transform the travel industry by enabling next-generation decentralized applications and services built on global, open and shared infrastructure that serves every participant equally.
Peter Stilwell, Head of Business Operations & Strategy, Coinbase EMEA, said: “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.”
With the release of Camino Network, travel sector participants will have access to an industry-owned blockchain that will streamline processes such as payment and reconciliation, or completely new products including loyalty programs and retradeable rates.
The industry requires a complete technological overhaul to accelerate digital transformation, with next-generation decentralized applications and services that will transform the travel industry.