itravel

itravel is the first digital Tour Operator that uses data analysis, artificial intelligence, and block chain technology to offer travelers the opportunity to create their own trips by compiling and booking their desired experiences and activities online in advance. Travel expert investors have made early investments itravel, such as Brent Hoberman, founder of Lastminute.com, Dr. Thomas Doring, former Thomas Cook Executve Board Member and current Director at Holidaycheck, and Sascha Hausmann of Howzat Partners. itravel applies the principle of machine learning, which stems from artificial intelligence, in order to predict matches between customers, seasons, and trip components. This way, itravel can appropriately pair its offers with the customer's preferences. By recording and evaluating online behavior, bookings, and customer information, itravel statistically determines matching product characteristics and customer profiles, much in the way Amazon does this for retail. Decision making and booking are facilitated through the trip finder application and through live chat with the travel customer, acting as an online concierge/agent service to configure trips. On the back end, blockchain technology allows itravel to directly book and pay providers in the country of destination for the desired travel packages. This eliminates the high costs of bank and credit card servicing fees and mitigates the risk of currency exchange rates. In this transaction model that itravel is currently developing, Smart Contracts function as the "electronic notary" of otherwise insecure international travel bookings: it confirms the reservation with the local provider directly and triggers a simplified payment process. After the booking is successfully completed, the digital currency is exchanged to the local providers currency at a favorable exchange rate at their own discretion. itravel thus aims to disrupt every step of the value chain and margin calculation for long distance leisure travel and redistribute the economics of vacation bookings in favor of both customers and local providers.