Blockchain has the potential to change several markets within travel & tourism, but particularly those where users would benefit from the security and transparency that blockchain would provide, such as the distribution of payments, funding and contract enforcement.
2. Overview
â What Is Blockchain?
â How Does It Work?
â The Unique Features of Blockchain
â How Can Blockchain Benefit the Travel Industry?
â Potential Uses of Blockchain In the Travel & Tourism Industry
â The Future of Blockchain in Travel & Tourism Industry
â About Pulsehyip
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Think about yourself, you are going to the airport and directly boarding a plane without having
to queue or show your passport, or booking a flight and taking the best price available without
using a third party website. Established on the way that blockchain technology has been
disrupting almost every industry, these dream scenarios may become the certainty in the
future.
While blockchain is still most conjoined with cryptocurrencies like bitcoin & smart contract,
the developing technology has the potential to provide multi-purpose business applications for
a range of various business industries.
The travel and tourism industry is a great example, as commercial airlines and hotel chains are
practically databases in themselves. They hold secure customer data such as passports, credit
card information, and another bit of valid photo identification.
The most simple way that blockchain will disrupt the industry is by getting cryptocurrencies as
a mode of payment for travel and accommodation. However, there is much more that can be
completed on a usable level that could save trillions of dollars in the long term.
5. âBlockchain Technology primarily involves a public or private
distributed ledger for recording transactions such that they are
transparent and cannot be modified. This ledger is controlled by a
network of computers hence the term blockchain technology. This
developing technology was lead to the forward by cryptocurrency,
especially Bitcoin. But is now been promoted as the innovation to
decentralize the online including businesses and services.
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6. Basically, blockchain was used to record transactions of
digital currencies like Bitcoin (BTC) but is now being
applied in multiple industries where data transparency is
an advantage. The decentralized management of the
database allows for agile, uncostly processing of
transactions, which can guide to productivity and cost
savings for businesses.
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8. Blockchain comes with many unique feature that can benefit
companies in a multiple ways. Some of the unique features are:
Features of Blockchain:
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â Transparency and Stability
â Decentralized Business Model
â Data Integrity
â Elimination of Third Party or Middleman
â Enhanced High-end Security
9. How Can Blockchain Benefit the Travel Industry?
In terms of the benefits blockchain technology can offer within the travel & tourism
industry, stability and security rank very highly. The decentralized type of the
blockchain means that data can never go âofflineâ or be lost through incidental deletion
or a malicious cyber attack, establish transactions are always trackable.
The travel & tourism industry trust upon different companies passing data between one
another. For example, travel agents need to pass customer details on to transport
companies and hotels, while the personal effects of travelers are often passed between
companies and tracked too. Blockchain can make accessing and saving important data
easier and more reliable because authority for storing it is shared across the overall
network.
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11. 1. Tracking Baggage
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Blockchain technology can be extremely valuable for tracking the
movements of baggage, especially when dealing with abroad travel. In
many cases, a customerâs baggage changes hands several times over
the course of their journey. Using a decentralized database makes
sharing tracing data between companies a lot effortless.
12. 2. Identification Services
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Identification services are extremely important for the travel & tourism
industry, and blockchain could potentially become the industry stapled
for storing this information. Used in this way, the blockchain
technology has the ability to extremely reduce check-in & check-out
times, or queues in airports, as a simple fingerprint or retina scan can
replace showing documents.
13. 3. Secure, Traceable Payments
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Maybe the most important use of blockchain technology within the
travel and tourism industry is related to payments. Here, its
applications can range from serving as a public ledger, making bank
payments more simple and secure, through to allowing travel
companies to accept payments using cryptocurrencies like bitcoin
other digital currencies.
14. 4. Customer Loyalty programs
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Certainly, many travel companies run customer loyalty programs, in
order to encourage return custom. Blockchain can also assist with
these programmes, clarifying the process, allowing customers to more
easily access information about their loyalty points, and allowing
tokens to be distributed. It can also help to combat fraud in this area.
15. The Future of Blockchain in
Travel & Tourism Industry
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16. Traveling should be comfortable, cost-effective, and importantly,
enjoyable. at the same time fees, booking irregularities, bad reviews, and
long lines may be symptomatic of the current travel situation, blockchain
is challenging this status with a host of new services designed to
revamping the travel experience.
The future of blockchain in the travel & tourism industry will remove many
miscalculations that result in trillions of dollars lost to companies
including airlines and hotels. This technology can offer peaceful
experience to the travelers in the coming years and avoid losses that
companies have to bear every day and the future.
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17. About Pulsehyip
Pulsehyip is the leading blockchain development company in India and
we are the leader of the blockchain industry to best serve the valuable
customers. Each and every business industries are expanding their
business into blockchain strategies that would get into
decentralization. Our tailor-made Blockchain-development solution
that helps business industries to comfort the involvement of business
management and reduce cost by avoiding physical activities.
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We cater the user-friendly and customized business solutions
according to the needs of our clients. The blockchain technology
can effectively disrupt other industries namely banking, finance
and the healthcare industry and more. Read this blog to know
about 19 industries being disrupted by blockchain.
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By hiring the dedicated Blockchain developers
from Pulsehyip, you can start your business
with blockchain technology.