Glenn Fogel, chief executive of Booking Holdings, the travel accommodation services company, believes blockchain-based cryptocurrencies will be the future of payments systems.
Fogel told travel industry journal Skift that information security must be prioritized in order to move forward with cryptocurrencies in payments systems. He said:
The most advanced payment technologies and solutions can be built, but if the public is not convinced that their information is safe and protected, we’re just pedaling backwards.
Booking Holdings, best known for its Booking.com website, is one of the 28 founding members of the Libra Association, which is planning to launch a corporate cryptoasset next year. Fogel was, therefore, very positive about the future of cryptocurrencies within payments systems. He added:
I see the potential for a new form of global currency that is protected and secure. When bitcoin became well known, many questioned its legitimacy, and while the jury is still out on the future of bitcoin, I believe currencies with a blockchain base will continue to surface and may become more widely accepted across the globe.
Fogel added that Booking Holdings is seeking to develop the “Connected Trip” – an end-to-end platform for those seeking an “experience” rather than just a journey.