Think about yourself, you are going to the airport and directly boarding a plane without having to queue or show your passport, or booking a flight and taking the best price available without using a third party website. Established on the way that blockchain technology has been disrupting almost every industry, these dream scenarios may become the certainty in the future.
While blockchain is still most conjoined with cryptocurrencies like bitcoin & smart contract, the developing technology has the potential to provide multi-purpose business applications for a range of various business industries.
The travel and tourism industry is a great example, as commercial airlines and hotel chains are practically databases in themselves. They hold secure customer data such as passports, credit card information, and another bit of valid photo identification.
The most simple way that blockchain will disrupt the industry is by getting cryptocurrencies as a mode of payment for travel and accommodation. However, there is much more that can be completed on a usable level that could save trillions of dollars in the long term.
What Is Blockchain, and How Does It Work?
Blockchain Technology primarily involves a public or private distributed ledger for recording transactions such that they are transparent and cannot be modified. This ledger is controlled by a network of computers hence the term blockchain technology. This developing technology was lead to the forward by cryptocurrency, especially Bitcoin. But is now been promoted as the innovation to decentralize the online including businesses and services.
Basically, blockchain was used to record transactions of digital currencies like Bitcoin (BTC) but is now being applied in multiple industries where data transparency is an advantage. The decentralized management of the database allows for agile, uncostly processing of transactions, which can guide to productivity and cost savings for businesses.
Blockchain comes with many unique feature that can benefit companies in a multiple ways. Some of the unique features are:
* Transparency and Stability
* Decentralized Business Model
* Data Integrity
* Elimination of Third Party or Middleman
* Enhanced High-end Security
The travel & tourism industry is starting to feel the impact as well-established travel firms as well as blockchain startups develop innovative ways to improve processes through the power of blockchain.
Blockchain has the potential to change several markets within travel & tourism, but particularly those where users would benefit from the security and transparency that blockchain would provide, such as the distribution of payments, funding and contract enforcement.
How Can Blockchain Benefit the Travel Industry?
In terms of the benefits blockchain technology can offer within the travel & tourism industry, stability and security rank very highly. The decentralized type of the blockchain means that data can never go ‘offline’ or be lost through incidental deletion or a malicious cyber attack, establish transactions are always trackable.
The travel & tourism industry trust upon different companies passing data between one another. For example, travel agents need to pass customer details on to transport companies and hotels, while the personal effects of travelers are often passed between companies and tracked too. Blockchain can make accessing and saving important data easier and more reliable because authority for storing it is shared across the overall network.
Obviously, financial transactions are an important part of the travel & tourism industry too, and blockchain technology has the ability to not only simplify but also secure payments. This is outstandingly true when dealing with abroad payments. As a consequence of this, blockchain has the potential to improve the value of trust among all parties.
Potential Uses of Blockchain In the Travel & Tourism Industry
Below are the most mind-blowing uses for blockchain technology within the travel and tourism industry.
1. Tracking Baggage
Blockchain technology can be extremely valuable for tracking the movements of baggage, especially when dealing with abroad travel. In many cases, a customer’s baggage changes hands several times over the course of their journey. Using a decentralized database makes sharing tracing data between companies a lot effortless.
2. Identification Services
Identification services are extremely important for the travel & tourism industry, and blockchain could potentially become the industry stapled for storing this information. Used in this way, the blockchain technology has the ability to extremely reduce check-in & check-out times, or queues in airports, as a simple fingerprint or retina scan can replace showing documents.
3. Secure, Traceable Payments
Maybe the most important use of blockchain technology within the travel and tourism industry is related to payments. Here, its applications can range from serving as a public ledger, making bank payments more simple and secure, through to allowing travel companies to accept payments using cryptocurrencies like bitcoin other digital currencies.
4. Customer Loyalty programs
Certainly, many travel companies run customer loyalty programs, in order to encourage return custom. Blockchain can also assist with these programmes, clarifying the process, allowing customers to more easily access information about their loyalty points, and allowing tokens to be distributed. It can also help to combat fraud in this area.
The Future of Blockchain in Travel & Tourism Industry
Traveling should be comfortable, cost-effective, and importantly, enjoyable. at the same time fees, booking irregularities, bad reviews, and long lines may be symptomatic of the current travel situation, blockchain is challenging this status with a host of new services designed to revamping the travel experience.
The future of blockchain in the travel & tourism industry will remove many miscalculations that result in trillions of dollars lost to companies including airlines and hotels. This technology can offer peaceful experience to the travelers in the coming years and avoid losses that companies have to bear every day and the future.
Pulsehyip is the leading blockchain development company in India and we are the leader of the blockchain industry to best serve the valuable customers. Each and every business industries are expanding their business into blockchain strategies that would get into decentralization. Our tailor-made Blockchain-development solution that helps business industries to comfort the involvement of business management and reduce cost by avoiding physical activities.
We cater the user-friendly and customized business solutions according to the needs of our clients. The blockchain technology can effectively disrupt other industries namely banking, finance and the healthcare industry and more. Read this blog to know about 19 industries being disrupted by blockchain.
By hiring the dedicated Blockchain developers from Pulsehyip, you can start your business with blockchain technology.