Lessons learned from an abandoned tourism and travel blockchain project: the case of Winding Tree

We present the case of Winding Tree, an ambitious blockchain project that set out
in 2017 to radically transform the tourism and travel industry. In 2024, they finally
gave up, leaving behind a wealth of experience from which others can benefit. We
use a rigorous case study approach to process and structure the remnants of Winding Tree. We thoroughly analyzed publicly available material, conducted a quantitative study with 86 respondents, and interviewed 19 key stakeholders. The results outline the key factors responsible for Winding Tree’s ultimate failure. Additionally, we assess the findings in the light of popular theories and provide suggestions for refining existing theoretical frameworks. We end with concrete recommendations for practitioners on how future endeavors in this area can avoid the identified pitfalls and encourage academics to apply the refined theories to better explain the progress of digital transformation in the tourism and travel industry.