Decentralized Autonomous Travel by Fetch.ai
Key takeaways:
- Fetch.ai connects over 770,000 hotels with Autonomous Travel system
- The Autonomous AI Travel Agents would reduce the role of centralized aggregators and services, thereby encouraging direct provider-to-consumer interaction and as a result delivering significant cost savings of up to 10% for both hotels and consumers.
- The Autonomous AI Travel Agents framework designed by Fetch.ai is not intended to replace existing systems in their entirety, but more to complement them: it operates safely, non-destructively, and in parallel to existing relationships that hotels might have. It delivers an alternative method by which bookings can be taken: one where the customer and hotel deal with each other directly, and one where a more personalised, better value experience can be delivered.
Building further upon the Mobility Framework, Fetch.ai is announcing tools and services to enable Autonomous agent-based travel solutions.
Fetch.ai has built an applications framework to enable hotel operators to deploy Autonomous AI Travel Agents to market, negotiate and trade their inventory on the Fetch.ai network, and receive payments in fiat or crypto, powered by the FET token.
The promise of the Fetch.ai network is that a decentralized, multi-agent based system will be able to provide a new, personalized, privacy focused travel solution and change the way we view and work with the hotel and travel industry.
Pre-COVID times, many hotels have ended up partnering up with service providers like Expedia since they provide a useful, and easy platform to facilitate travel and without the exposure that they deliver, most hotels wouldn’t be able to attract consumers. This gives the service providers like Expedia sufficient leverage over the hotels who have partnered up with them and charge high commission.
With the onset of COVID, hotels are now under huge amounts of pressure to stay afloat and avoid bankruptcy. The Fetch.ai system enables hoteliers to market and book their rooms without the customary 15–20% commission from hotel marketplace aggregators.
Fetch.ai, will be releasing code base and application toolkits in February 2021. To recap what we have outlined so far, the two core USPs which form the most important aspects of this framework.
- No more costly intermediaries as explained in the above paragraphs.
- Addressing the issue of Privacy
The hotel industry has one of the highest numbers of security breaches. Every year sensitive customer data including names, addresses, and credit card details are obtained through targeted attacks and sold by cybercriminals with the intention of identity theft, credit card fraud and more. The last high profile breach was the recent Marriott International data breach which resulted in the leakage of the personal data of over 300 million guests.
The FET powered Autonomous AI Travel Agents network aims to tackle such breaches by moving the private, sensitive data away from centralized entities and to the control of the individuals themselves. Everything that’s important to you does not leave the confines of your smartphone and is not stored on servers by any party, except what is absolutely necessary in order to complete a booking.
Fetch.ai has integrated with the Amadeus global distribution system giving instant access to over 770,000 hotels. Hoteliers will be able to register directly, and access the Fetch.ai network using the application suite that will be going live in Q2 of 2021.
As a follow up to this blog, we will also be releasing a detailed technical documentation on how Fetch.ai has delivered a functioning proof of concept allowing decentralized hotel booking.
You can also learn more on this announcement by watching the recently concluded crowdcast from 14.01.2021 on Autonomous AI Travel Agents featuring senior team members of Fetch.ai — Maria Minaricova (Director of Business Development) and Toby Simpson (Co-Founder and COO) — here.
