Blockchain technology may have many supporters in the corporate world, but Priceline Group CEO Glenn Fogel is not one of them.
Speaking at the Skift Global Forum in New York City, Fogel said that his Norwalk-based company is not putting any priority in exploring the potential of blockchain technology, which offers a digitized and decentralized ledger of chronological transactions. Fogel explained that the complex nature of this technology does not offer any immediate benefits to his company’s operations.
“I don’t have any excellent knowledge of how it’s actually going to work at all,” he said. “It’s going to take a lot longer than anyone thinks. Maybe it’ll be helpful and maybe it won’t, but we’re going to keep an eye on it.”
While acknowledging that blockchain is being used within the travel and hospitality industry, Fogel was confident that the technology can be put on hold for now.
“We’re not going to be worrying about it tomorrow or pouring a lot of investment into it,” he said. “Of course, our engineers are curious. But from my understanding, they’re saying, ‘There are other things you can panic about.’”