The blockchain is now well progressive innovation that could change the fate of travel industry. Blockchain technology can be a valuable corporate finance tool for infrastructural development of tourism industry like airline,trvel insurance and hotel industry as well as the finance executives throughout the travel sector involved in the growing list of beneficiaries all over the world.
The Blockchain is fully characterized by the travel industry and can be associated very well with the capabilities of its technologies. The features that may be incorporated with Blockchain are data sharing among multiple factors of the traveling system, from booking to arrival can include airlines, online travel platforms, airports, immigration, government, hotels, car rental agencies, safety and security and much more.
ADVANTAGES OF BLOCKCHAIN IN TRAVEL INDUSTRY
First, the travel tokens can be changed to fiat currencies on exchanges, or used within the system. The primary profits for the industry will be a system that is free from domination by for-profit companies. Additionally, because the platform is a peer-to-peer network, it will provide direct interaction between users, effectively beating middlemen at its own game.
Second, with blockchain system serving as the underlying authentication layer for biometric-equipped mobile and wearable gadget, a passenger’s experience becomes comfortable, faster and more satisfying. They can verify their identities, purchase travel items and ancillary services before, during and after their trips. They can correspond with airlines in a variety of new and engaging mobile formats without pulling out IDs and expose personal financial information every single time.
Third, An e-ticket is an important database information that would have been printed on a paper ticket dematerialized, stored in and called up from a massive database. The Blockchain can tokenize this asset and further dematerialize it. This opens the door for tickets to be sold by different partners, and in real time, from anywhere in the world.
Fourth, Not to mention the security implications that is significant above all in today’s world is not properly protected. Blockchain technology with a security cover creates a very different and less risky way of managing and sharing this information through the use of authorized access requirements.
‘TRAVELUTION’ – A REVOLUTION IN TRAVEL INDUSTRY
In the biggest Asian blockchain festival BlockShow Asia in Singapore, the team member of the show has coined the term ‘travelution’ – a revolution in the way travel industry is going to change by the help of Blockchain. They believe that Blockchain technology will be responsible to solve the operational and financial challenges faced by stakeholders of the travel industry in near future which is seeming true.