Five ways in which blockchain will transform travel
Blockchain is a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems. In these past years, it has been popular in almost every field and industry because of its potential to store and use data and information, enhance transparency and security, in a meantime improving transaction.
Tourism, being one of the most engaging economic activities, has dramatically improved since the Internet enabled travelers to seek and plan their vacations without having to visit a travel agency.
Let’s dive deep into different ways where or how a blockchain could transform the travel industry.
Centralized online travel agencies (OTAs) dominate the travel market. We all know them well for charging a high commission fee for their services.
But these OTAs are useless in a decentralized booking marketplace since customers are directly connected with service providers. The customer’s experience enhances with a transparent fee structure and potential extra cost.
Xceltrip is the best example of decentralized OTA where you can book over 2.5 million hotels and 450+ airlines all over the globe using your cryptocurrency.
Blockchain inherently has the potential to transform processing and identifying travellers. Various countries are testing the new system called Know Traveller Digital Identity prototype based on this platform. Travellers can digitize their personal information, such as biometric data or citizenship cards, and share it with airports, hotels and government bodies before travelling globally.
This contributes to reducing check-in times and lineups in airports or hotels or borders by aiding security personnel to identify and process travelers using this data embedded in blockchain.
In order to attract customers in the future, almost every travelling corporation provides a loyalty reward for using their service. Blockchain can replace this using smart contracts, providing crypto currency as a reward while customers check in or book a flight using cryptocurrency.
For example: VIC Rewards and XcelTrip have brought Blockchain-Enabled Vitality Packages where Community members get an opportunity to earn healthcare loyal rewards which can be spent on their Vitality Packages.
All the transactions carried out on the blockchain cannot be changed and remain registered. So, payments with cryptocurrency are more secure and traceable than trading in fiat currency. It can be easily done through Crypto wallets.
Transaction is fast, since intermediaries cannot intervene or delay payment. And we no longer need to exchange currency when we travel to another country since cryptocurrency is widely acceptable these days.
Blockchain can track the baggage’s location after we have given them at the check-in counter. It is possible to track where our suitcase is at all times with the technology available on the blockchain platform. Accurate data can be obtained continuously on where and who has it at any given moment.
With technology continuously evolving, it should come as little surprise that applications of blockchain within the travel industry evolves too. Rightnow even when it is in its initial stage, it has already contributed and transformed how we look at technology. So one thing is sure, Blockchain will transform every aspect of human life including travel itself.
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