The travel industry depends aloft on different companies sharing information between one another. For example, travel agents need to move customer details to flight companies and hotels. While the personal belongings of travelers are often passed between companies and tracked too. For accessing and storing important information more easy and reliable, because of blockchain. Responsibility for storing it is shared across the whole network. The excellence of blockchain technology can offer within the travel industry. stability and security rank very highly. The nature of blockchain is decentralized. Means that information can never go ‘offline’ or be stray through accidental deletion or a malicious cyber attack. Ensuring transactions are always traceable. Blockchain and tourism have the ability to turn into a very preferable combination. As this technology can provide more safety and transparency to critical touchpoints.
The travel agency booking flights and hotels for a customer, it has to send the information to the different firms. Blockchain could make this operation safe and transparent. Since the responsibility gets spread all over the network. The same will happen with foreign transactions, escalate the level of trust among all involved parties.
Financial transactions are a vital part of them too. And blockchain technology has the capacity to not only simplify but also secure payments. This is true when dealing with overseas payments. As an outcome of this, blockchain has the potential to improve the level of trust among all parties.
Uses of Blockchain In the Travel Industry
Below are the most exciting uses for blockchain technology within the travel industry.
Easy, safe, and traceable payments when it comes to payments.
The advantages of cryptocurrency payment will be much more traceable and secure. As we before mentioned. All transactions carried out on the blockchain. Remain registered in the chain and it can’t be changed. Not only that as it’s a decentralized system. There won’t be any intermediaries that can intercede or delay payment. As such, we would no longer need to exchange currency. when we travel to another country and simultaneously be subject to the unswerving or volatility of these foreign exchange operations. For that making payment using the blockchain can make an opposite difference. when it comes to across transactions. wherein some cases an operation can experience a delay of more than a week or be canceled. During that period with all the embarrassment that this causes.
Decentralized management systems could also result in significant savings for large firms. As this could get rid of the middlemen. By that same token, information flows securely. While being accessible at all times. Diminish management times and providing universal access to information.
It’s progressively common that we look at forums and read user reviews when we travel. Yet we cannot always guarantee who wrote them or their accuracy. With a public blockchain, all the information that shows up in the network. Dependable, secure and achieving better transparency and increasing consumer trust.
In the end, once we say goodbye to the check-in counter. The Blockchain becomes very useful to track our baggage’s location. It changes hands throughout the trip, we do like. It’s possible due to technology like blockchain. To track between companies and know where our suitcase is at all
Are we talking about the end of the loyalty cards? Many travel firms make loyalty programs. For their customers with the aim of turning them into repeat customers. Blockchain would assist these processes and allow customers to check their points. for example, exchange them for the cryptocurrency.
Blockchain and the competence that it brings are endless. The travel industry is only at the beginning of realizing new ways to leverage its capabilities. Ozone, Bee Token are some of the examples innovating travel industry with Blockchain. Changes will take time, but Blockchain is going to change the face of the Travel Industry.