By encouraging a direct provider-to-consumer interaction, Autonomous AI Travel Agents deliver significant cost savings of up to 10% for both hotels and consumers.
CAMBRIDGE – Fetch.ai, a Cambridge-based artificial intelligence lab building an open-access decentralized machine learning network for smart infrastructure, announced the launch of Autonomous AI Travel Agents. Autonomous AI Travel Agents allows users and hotels to interact through autonomous economic agents to deliver tailored accommodation travel experiences.
The Autonomous Travel Agents is an application framework that enables 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.
Currently, a power struggle exists between online booking platforms and hotels, and other travel accommodation providers. According to a Skift survey, Expedia and Booking.com demand 10 to 15 percent commissions from large chains, and this cost is often transferred to the customers. These sites, along with brand sites are also subject to issues of privacy, the most noteworthy example of this being a recent high-profile breach occurring with Marriott International resulting in the leakage of the personal data of over 300 million guests.
Fetch.ai’s Autonomous AI Travel Agents offer a decentralized, multi-agent-based system that provides personalized, privacy-focused travel solutions. To tackle security breaches, the FET powered Autonomous AI Travel Agents network moves private, sensitive data away from centralized entities and into the hands of individuals. Its smart contracts and AEA (Autonomous Economic Agent) perform the booking of hotel rooms through a direct provider-to-consumer model ensuring cost savings for both hotels and consumers by up to 10%.
“The Autonomous AI Travel Agents framework designed by Fetch.ai is not intended to replace existing systems in their entirety, but more to compliment them,” said Humayun Sheikh, CEO of Fetch.ai. “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 personalized, better value experience can be delivered.”
In order to book accommodations using Fetch.ai, AEAs (Autonomous Economic Agents) are created on behalf of the user and a given hotel with predetermined skills to find each other based on availability and user preferences. Once initiated, agents can connect to an unlimited number of distribution systems such as Amadeus or Sabre that receive all necessary data (address, name, location). It then registers the collected data on Fetch.ai’s SOEF (Simple Open Economic Framework), the search, discovery, and transaction protocol for the Fetch network, thereby completing a user's booking.
Fetch.ai has integrated with the Amadeus global distribution system giving instant access to over 770,000 hotels. Other global distribution systems like Sabre or Pegasus could also be used. 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.
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales.
She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.
