The BEATOZ Foundation announced on the 19th that Modetour, a leading travel company in Korea, has confirmed its participation as a validator on the BEATOZ Network.

This is a follow-up measure to the memorandum of understanding (MOU) signed between the two companies in September. Modetour has decided not only to adopt a solution but to become a core member of the BEATOZ blockchain ecosystem and take a leading role in advancing travel finance infrastructure.

The objective cost-saving effects of a blockchain-based settlement system played a decisive role in this decision. According to a recent report by the International Trade & Commerce Research Institute of the Korea International Trade Association, when stablecoins are used for payments, international remittance fees can be significantly reduced from the existing 6% to around 1%, and settlement times, which previously took several days, can be shortened to a matter of minutes.

In particular, “CPG (Crypto Payment Gateway),” jointly developed by BEATOZ and Ringnet, is a core solution that identifies the optimal exchange rate and route through an “intelligent routing” function regardless of which asset the consumer uses for payment, and automatically processes the complex asset exchange procedures in the backend infrastructure. Modetour plans to use this to handle complex settlement processes with partners around the world in a transparent and efficient manner.

The introduction of this technology is expected to radically transform the travel experience perceived by consumers. First, it will enable “travel without currency exchange,” where payments are automatically made in local currency without fees anywhere in the world, without visiting a currency exchange office. In addition, refunds for canceled flights and accommodations, which used to take several days, will be deposited into wallets immediately upon cancellation confirmation through smart contracts.

The business-to-business (B2B) environment will also improve. Modetour’s tenant companies and overseas local partners will likewise be able to receive settlement payments immediately based on smart contracts. This is expected to dramatically resolve liquidity issues caused by settlement delays and serve as an opportunity to strengthen a mutually beneficial ecosystem with partners.

In particular, in line with BEATOZ’s “Web 3.0 open platform” strategy, Modetour points that were previously forgotten or expired after travel will be connected to a variety of real-life services within the BEATOZ ecosystem. Consumers will be able to use travel points for services at a wide range of affiliated merchants participating in the BEATOZ ecosystem, expanding point usage beyond travel into everyday life more broadly.

Woo Joon-yeol, CEO of Modetour, stated, “Blockchain technology is the key to innovating the high-cost structure of the travel industry and enhancing transparency,” adding, “As a core partner (validator) of BEATOZ, Modetour will go beyond simple technology adoption and lead a digital transformation focused on tangible cost reductions and convenience that customers can experience, from travel booking to payment.”

A BEATOZ Foundation representative said, “The participation of Modetour demonstrates that the ‘Web 3.0 open platform’ strategy pursued by BEATOZ has taken root deep within real-world industries,” and emphasized, “Together with leading companies in each sector, BEATOZ will build a large blockchain alliance that will drive a consumer revolution.”

Meanwhile, through its modular “Web 3.0 open platform” strategy, which allows anyone to use payment and wallet functions like Lego blocks, BEATOZ is rapidly expanding its ecosystem by lowering the Web 3.0 entry barrier for existing Web 2.0 companies.

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