DBT (Digital Business Travel), initiated by the Digital Business Travel Foundation in Singapore, is a tourism ecosystem built on blockchain technology. DBT merges blockchain technology with various sectors including tourism, aviation, hospitality, insurance, finance, ticket booking, car rental, cruises, and train reservations, creating concrete application scenarios. Concentrating on tourism as its entry point, DBT promotes a virtuous tourism ecosystem cycle among scenic spots, tourism service providers, consumers, and third-party service providers. The objective is to evolve DBT into a valuable digital asset with circulation potential, inaugurating a new era of digital tourism.
DBT unlocks decentralized payment capabilities in multiple dimensions. Consumers can execute cross-border payments flexibly, securely, and without any fees within the DBT tourism ecosystem through the utilization of smart contracts. Problems such as intermediary fees, processing charges, and complications with tax refunds will be relics of the past.
Consumer and service provider transaction review information is stored on the blockchain. All transactions, reviews, ratings, and grading data are immutable, indestructible, and traceable. The identities of all ecosystem participants are verifiably authenticated, ensuring that the systems information is fair, transparent, and tamper-proof. This effectively tackles the key pain points of the industry, establishing a new decentralized, efficient, transparent, credible, and self-motivated travel ecosystem.