Ever since the Blockchain technology came into the picture, it has been disrupting various business niches. Blockchain has generated a significant amount of interest and excitement in different industries. The prime reason for this is that Blockchain finds a multitude of application s in a different field. Whether it is healthcare or financial transaction, supply chain or even travel industry, Blockchain has become a technology of the future, and this is the reason that many companies and big names in the industries are investing in this technology.
A quick overview of Blockchain
Before heading to understand how Blockchain is influencing various industries, is imperative to know why Blockchain is so important and what is this technology all about. To put it in simple words, we can say that Blockchain is a distributed ledger where every data exchange or transaction is time stamped.
All the transactions are known as blocks, and one blocks get attached to other, because of this it becomes difficult for anyone to change or alter the data. This has made Blockchain one of the most popular technologies. It is also because of this that many companies are trying to use Blockchain and develop Blockchain based developed.
The DLT technology finds usage in any industry which deals with data and transactions. Since travel industry deals in both these aspects, Blockchain can prove to be beneficial for the travel industry as well.
How can Travel Companies use Blockchain to make traveling easy?
The primary objective of any travel industry company is to provide the customers with solutions that can make traveling a hassle-free process. What if you don’t have to wait in a queue to get the booking without paying the processing fees and other charges to the third party. Well, Blockchain is going to create this platform which will help you in saving the money and getting the most out of your business.
Blockchain can offer more stability, transparency, and efficiency to the travel industry. With its decentralized feature, the data or information is always accessible. There is no threat of losing the information. Moreover, since one block is stacked to another, to change one data, the hacker needs to change all the other information which is a difficult task. All this makes Blockchain a full-proof technology.
The entire functioning of travel industry involves many people, from the travel company, travel agents and others. The information floats between all these intermediates which increases the probability of leakage of data or information. Moreover, in the case of lost or misplaced packages, the tracking will become very easy. With Blockchain’s application in the travel industry, we can create a platform where one can easily track the package from the time it has been checked-in. It will make the task simpler for everyone.
Transactions remain an integral part of the business, and with Blockchain it will become safer and secure. Blockchain has the potential to enhance trust in the industry and improve the business efficacy of the travel industry.
Four areas where we can implement Blockchain
- Tracking Luggage-
Tracking of luggage remains an area of concern for many customers. With Blockchain the tracking becomes simplified. This becomes important especially when it comes to internal traveling. In the case of the decentralized ecosystem, the tracking data can be easily shared and screened by the customer.
- Secured payments-
We all know that Blockchain technology offers a secure environment for payment. Since it directly connects the service provider with the customer, it culminates the need of depending on the third party thus reducing the cost and time.
One of the key features that Blockchain offers is that it is a quick system which performs the task in lesser time. Whether it is check-in at the airport, tracking of luggage or making payment, everything happens at a faster pace as compared to the conventional technology on which the travel industry is working.
- Loyalty programs–
Most of the travel companies run this program and Blockchain can prove beneficial in this. It can offer a platform where the customer can check their loyalty points, and with a POS platform, the customer can also make use of their points to purchase or make payment.
What does the future hold for Blockchain?
Well, the areas of applications are going to increase over a period of time but it will need some time for the system to evolve. However, there has been considerable development in this field. Many companies have come with a Blockchain based solution that aims at simplifying your traveling experience. Some of the examples include The Winding Tree which is a baggage tracking via Blockchain, and it also provides a booking platform. Since it eliminates the third party, the travelers can save time and money. Another example is Bee-Token which is a home sharing platform where the customer can directly interact with the host and get to know about the place they would be staying or want to stay.
All we can say is that Blockchain is steadily expanding its horizons of growth and application. The travel industry is one of the biggest industry in the market and with the help of Blockchain technology, things will become even more streamlined.