Travel group to participate directly in blockchain-based settlement infrastructure under BEATOZ’s Web3 open platform strategy
BEATOZ Blockchain Foundation said on the 19th that Modetour, one of South Korea’s largest travel companies, has confirmed its participation as a validator on the BEATOZ network.
The decision follows a memorandum of understanding signed by the two parties in September and marks a shift from a technology partnership to direct involvement in BEATOZ’s blockchain infrastructure. Modetour said it will take part as a core network participant, with the aim of upgrading travel-related financial settlement systems rather than simply adopting a standalone solution.
The move reflects growing interest in blockchain-based settlement systems as a way to reduce costs and improve efficiency. According to a recent report by the Korea International Trade Association’s Institute for International Trade, the use of stablecoin payments can reduce cross-border remittance fees from around 6 percent to close to 1 percent, while shortening settlement times from several days to a matter of minutes.
At the centre of the collaboration is BEATOZ’s Crypto Payment Gateway (CPG), jointly developed with RingNet. The system is designed to automatically process complex asset conversions in the background through what the company describes as “intelligent routing,” allowing payments to be settled using the most efficient exchange rate and transaction path regardless of the asset used by the customer. Modetour plans to use the system to streamline settlement with its global partners.
The companies expect the technology to translate into visible changes for consumers. Travellers would be able to make payments overseas without visiting currency exchange counters, with transactions automatically settled in local currencies. Refunds for cancelled flights or accommodation, which currently take several days to process, could be executed almost immediately through smart contracts once a cancellation is confirmed.
Business-to-business settlement is also expected to improve. Merchants and overseas partners operating on Modetour’s platform would be able to receive settlement payments in real time, addressing cash-flow challenges caused by delayed payments and strengthening long-term partnerships.
The partnership also extends to Modetour’s customer reward system. Under BEATOZ’s Web3 open platform strategy, travel points that would previously expire or remain unused after a trip can be connected to a wider range of everyday services within the BEATOZ Blockchain ecosystem, allowing customers to spend points beyond travel-related products.
Woo Jun-yeol, chief executive of Modetour, said blockchain technology offers a way to address the travel industry’s high-cost structure while improving transparency. “As a core partner and validator on the BEATOZ Blockchain network, we aim to go beyond adopting new technology and deliver tangible cost savings and convenience that customers can experience directly, from booking to payment,” he said.
A BEATOZ Blockchain Foundation official said Modetour’s participation demonstrates how the company’s Web3 open platform strategy is extending into real-world industries. “By working with leading companies across different sectors, we are building a broad alliance that connects everyday consumer services with blockchain infrastructure,” the official said.
BEATOZ said it is continuing to expand its ecosystem through a modular Web3 open platform approach that allows companies to integrate payment and wallet functions in a plug-and-play manner, lowering the barriers for traditional Web2 businesses to adopt Web3 technology.