BLOCKCHAIN TECHNOLOGY AND THE TRAVEL INDUSTRY
It is already certain that Blockchain will revolutionize how transactions are made in business and society. It’s already a tested open, distributed ledger where records from parties involved can be stored securely using cryptography for each block or “record.” The use of cryptography to secure the blocks makes blockchain a really powerful tool that offers an unprecedented level of security and transparency. Also, it is simple enough for anyone, even those without any technical knowledge or experience in cryptocurrencies like bitcoin, Ethereum etc., to understand how it all works, thanks to open-source software that automatically syncs up with public ledgers anywhere on earth.
When we look at the block chain technology as often associated with cryptocurrencies like Bitcoin, we see that the potential applications of this innovative technology extend far beyond digital currencies. In fact, block chain will have a major impact on the travel industry. Currently, the travel industry relies heavily on centralized systems, which are often slow and inefficient. Block chain could help to change this by decentralized data and automate various processes.
The travel industry is one that struggles with high check-in times and long queues at airports. With blockchain, this could all change because you would no longer need to show your documents when traveling by plane. Instead, just carrying around an electronic wallet containing sensitive information such as fingerprints or retina scans can do the magic. This can be used for identification purposes instead of showing physical copies every time there’s a request made about who belongs where on board. This Technology can be used to streamline the booking of flights, hotels and track luggage, among a host of others. One company that has maximized this power is Webjet, a travel technology company that specializes in block-chain technology. Companies can offer a variety of services, including flight and hotel bookings, car rentals, as well as vacation packages. You can upgrade customers’ experience by recording all accounts on the blockchain ledger, thereby drastically reducing chances of errors or lost bookings.
Interestingly, payments, which is an integral part of the travel industry, has been proven to simplify both domestic as well as overseas transactions with blockchain technology. This not only improves efficiency but also increases trust among all parties involved in this process since it becomes more secure with its ability for transparency. Blockchain technology is being used to make payments easier for both keepers of records as well as consumers. It can be a global ledger that ensures security when transferring money from one place on earth into another through its application in finance-related fields like banking or accepting cryptocurrencies at your business’ website instead of relying solely upon credit cards.
The dominant role that major travel service aggregators like Expedia and Priceline play in airfare bookings comes at a serious cost. These websites often include hefty fees, surcharges made possible by their largely unchallenged status as gatekeepers. A blockchain based start up called Winding Tree has set out to challenge the status quo. The company is based in Switzerland and was founded in 2017. They connect travellers directly with service providers such as tour guides and airlines using their platform’s cryptocurrency token, LÍF. This in turn reduces costs for both the travellers and service providers, thereby eliminating the impact of middlemen and their additional fees. With the help of smart contracts and the ERC827 protocol (ERC827 is one of the latest token standards that allows Ethereum users to send money and information), this company has amazingly created an industry-leading solution that will provide better savings for every stakeholder in travel and tourism.
Also, it’s worthy to note that customers today are more aware than ever before. They want to know that their money is being well spent, and they will take advantage of any programs which allow them this guarantee — including customer loyalty schemes that blockchain tech offers.
The technology has already begun simplifying these processes for the travel industry as it assists with managing information about points-worthies (such as airline miles), distributing tokens according to your needs across various providers in order to protect against fraud when booking trips online or over phone lines; Blockchain’s ability to provide transparency in this area makes it an excellent tool for travel companies who want their customers to keep patronizing them. Let’s take a look at Sandblock, a Block chain-based customer loyalty and marketing platform. The company was founded in 2017 with its headquarters in France. In the travel and tourism industry, customer loyalty is key.
For this reason, many companies have developed loyalty rewards programs to incentivize customers to continue doing business with them. Sandblock intends to alter the loyalty landscape with its blockchain-based platform by giving room to travel providers to generate their own loyalty tokens, which can be interchanged for brand-specific rewards. The tokens can also be used to redeem rewards in other services beyond the company who allotted them in the first place. In fact, they can be battered for fiat money and used like actual coins. For businesses, this promotes transparency and an avenue to treat customers better and keep them for longer periods of time.
It is obvious that Blockchain is changing the way we do business and as the travel industry continues to evolve, block chain technology will play an increasingly important role. It has already made its mark on the industry and there’s no telling what its next accomplishment will be.
Stay technologically woke!
