Overbooking, Fraud, Identity, and reputation could be solved in the Travel Industry with Blockchain Technology.
Blockchain’s ability to prevent double spending can remove the problem of double bookings in the industry, which would hopefully become more convenient for both passengers and airlines.
It should be noted, though, that overbooking is very much a part of a decades-old strategy to increase profits and optimize resources, so drive widespread adoption of blockchain in the travel industry.
Merchants that sell travel are typically seen as high risk because of the amount of refunds and chargebacks that occur in the industry.
But with blockchain, once a payment has been made, typically you can’t reverse it. And this mechanism will make fraudulent cases easier to spot and less likely to occur.
Blockchain could also ease PCI DSS compliance (a credit card security standard), at least for travel management companies and other incumbents in the space.
In a blockchain-enabled world where cardholder data is no longer stored in corporate databases and instead stored on a distributed network, along with the booking transactions — to whom does PCI apply? Probably the companies that develop the solutions that will let travel companies store our sensitive data on the network.
Decentralization through crypto-economies enables billions of people to get access to basic financial services, connecting them with the rest of the world. And to give everyone in the world the opportunity to travel, consumers need a means of proving their identity, one that is impossible to forge or change. This could be provided through access to reputation-based identity systems.
Even though there are identity systems in use for authentication today, like federated identity and social login, you can’t easily build on them to pull in data from many sources or use the attributes that you want when you want them — unless you integrate with every party.
Decentralized identity systems are here to fix that. As a trusted individual with a reputation guaranteed by the blockchain, you could say goodbye to waiting in lines and obtrusive checking of personal details.
XcelTrip truly believes — the year 2021 is going to be the exponential growth year where more use-cases will be added including Restaurant Reservations, Transport Services, Entertainment, Tours and more as Blockchain technology is growing rapidly every day. It doesn’t stop here, instead, it’s the beginning of disruption! Looking at the current state of the blockchain ecosystem, we feel that the most prudent, practical and tactical way to design and architect the system is to adopt a progressive decentralization roadmap.
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