Blockchain is another favorite buzz world of the digital age. It is a decentralized, digital and public ledger which holds all the transactional data. There is no single organization that controls everything occurring in the digital ledger. Everyone has access to ledger, which makes it transparent and public.
Everytime a transaction or action is made in Blockchain, another block is being added in the network. It very quickly renders until it is officially recorded in. Each transaction having information about, the time when transaction made, who is received it, who is a sender, and the amount how much was transferred ( in case of financial transactional).
Some major Advantage of Blockchain:
- Direct Contact : It is decentralized in nature, so it enables individual to interact directly with each other. No role of third party intermediaries.
- Transparency : As it is decentralized, so everyone having sharing same document, and everyone having ability to see all the transactional data, and also newly added information, which makes network stable & accurate.
- Security : Since everyone sharing same document, so its nearly impossible to tamper record, because, hacker needs to modify every single record on each person’s computer…nearly impossible. The P2P network ensures that anyone’s transactional data is safely recorded and stored via unique hash algorithm.
Blockchain in Travel & Tourism Industry :
Travelers are facing some common problem during traveling especially in peak season, Ex. Luggage misplaced & tracking, person identification, secure payment, loyalty program etc.
Blockchain can be a very good help to address all such issue Travel industry facing.
Blockchain can be a valuable solution for tracking the movement of luggage, and can be much more helpful in case of international travel. Using a decentralize database can make tracking more efficient between companies.
Person Identification service is the most important part of travel industry, Blockchain technology can also play a vital role here, and can be a industry standard for storing information. By this way, technology can reduce drastic amount of time during check-in or may be queues in airport. Simple finger print or retina scan can replace showing document.
Secure Payment is another hot topic in Travel industry, and core of this sector, using crypto currencies including Bitcoins, and accepting payments in same format will help to reduce fraud and ensure payment safely reached from customer to company.
When we talk about Travel Industry, getting the best price / fare is a key, and traditionally, we have lot of middle agencies holding the value, formally known as OTAs (online travel agency). OTA’s usually apply service fee on top of airline fare deal or accommodation deals, and make money but eventually end customer has to pay more amount to get the service.
Blockchain will be a win win solution for both customer & corporation. With help of Blockchain technology, traveler can book with Airline or hotels directly, which will eliminate the concept of service fee with every purchase / travel. Also, said airline or hotel can trust that payment will seamlessly processed from customer to respective airline/hotel account.
Since, blockchain technology having capability to create seamless inventory tracking, so this technology can be used to efficiently book maximum capacity without overbooking, this will help to increase revenue and also will save Airlines to refuse the on boarding due to overbooking and can help airline PR to focus on fine tune positive publicity strategy.
Bee Token, Ozone are some of the examples innovating travel industry with Blockchain.
Changes will take some time, but Blockchain is going to change the face of Travel Industry.