Benefits of using Blockchain in the Hospitality Travel Industry
A Blockchain is a digitally encrypted ledger where transactions between different parties are stored through smart contracts. It is a decentralized system supporting trustworthy transactions. Blockchain records entries in blocks that are immutable and permanent. So, data is safe, transparent, reliable and securely accessible.
The use of blockchain is not limited to the crypto world. Blockchain systems are being used in different industries including the hospitality industry. Blockchain is a revolutionary technology that has revolutionized travel and has the full potential to disrupt the way business is traditionally done.
Blockchain helps to connect travelers directly with the service providers through smart contracts. The different travel intermediaries involved in the travel business make travel 20–25% expensive through the commission they take. Blockchain technology helps to substitute middlemen, making travel cost-effective without any commissions. This will eventually result in lower prices for travel and payments. Blockchain thus enables a fair travel system with mutual benefits for both travelers and service providers.
The essence of Blockchain technology in the travel industry lies in its ability to facilitate trustworthy transactions between different parties through smart contracts that can be accessed. The block created in blockchain cannot be altered and tampered with. Hence the flow of funds and data is transparent. With blockchain, travellers can view the real-time availability of rooms and flights. Travelers no longer have to worry about frauds and payment settlements. Blockchain helps to reduce the settlement timing and makes cross-border payments easy and secure.
Travelers are required to verify their id from booking, boarding to checking in to the hotels. With blockchain technology, digital identities and information can be exchanged between various parties easily. So, travelers don’t need to verify their identity in various stages of their travel. Travelers don’t have to spend their precious time waiting in line at hotels and the airport for security. Also, travelers can be stress-free without worrying about losing their bookings and documents, which normally happens in travel without blockchain technology. Blockchain also helps for accurate baggage tracking and management.
Revolutionary Blockchain ensures accurate transactions, correct business ratings, transparent flow of funds, solves frauds and helps for managing reward and loyalty schemes. Blockchain has made travel secure, simple, and transparent that has benefited both travel industries and travelers. It has brought positive changes to the travel system and has transformed stressful travel into stress-free travel.
XcellTrip is an OTA travel platform powered by blockchain technology. XcelTrip is here to disrupt and revolutionize the travel industry. At XcelTrip you can book 2.3 million + hotels and 450+ flights worldwide with cryptos like Bitcoin, Etherum, Binance Coin, Litecoin, and XcelTrip’s own native XcelToken Plus(XLAB). Traveling with Xceltrip is a really good decision if you want to have an enjoyable, hassle-free trip to your favorite destination!
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