When you heard the term blockchain, most of you will react in two different ways. You will draw some ambiguous connection to bitcoin and other cryptocurrencies, or you’ll just shrug because it’s vital but pretty difficult to understand so you just smile and nod. In this post, we are going to unravel to complex mess that is blockchain and how it can make an impact in the travel sector.
Blockchain tech rose to fame in 2011 as more individuals become much aware of bitcoin. After a massive spike in the cost of Bitcoin, the community stat up and took notice. Bitcoin pledged that through employing blockchain, its users could benefit from a new kind of payment mechanism: extremely secure, free and anonymous purchases.
Blockchain in the Travel Sector
You will find a different number of a factor which comes together to make blockchain technology an exciting and unique technology.
As much as the travel sector has advanced in the past years, a few age-old issues still remain. One of those is the worst nightmare of any traveler: a lost luggage. Damaged or lost bags cost the travel sector a massive amount every year, not to tell the traveler complaints as well as the damage to reputations which comes with it. Further, the procedure of tracking it down can be even more difficult than losing it.
That’s where blockchain technology comes in. It could provide a shared, distributed ledger employed by all those within and in between airfields which at some point have control over baggage. The system would permit for a bag, and it’s own information to be logged automatically. Such records could be shared among everybody concerned to enhance accountability, and most vital of all, track down lost luggage.
In the travel sector, you can book any sort of trip without being bombarded by them. Retailers, airlines, and booking websites all have various schemes which are a key part of driving return business and maintaining customers engaged.
One good example of how the technology could enhance this case is the California startup Loyal. The loyalty and rewards platform of the company was designed with smart contract and blockchain technology to lessen fragmentation in the loyalty business. Thus, it will make simple for businesses to collaborate. The outcome is a secure system which offers clients more value from their loyalty schemes.
One of the most thrilling possible uses of blockchain in the travel sector is in the realm of identification. From booking to boarding the airport, you’ll need identification. In the future, the immutable and trustworthy nature of blockchain could change the way travelers are recognized throughout the progression of a journey. Blockchain could provide travelers with more frictionless experiences in the future.
Have you heard of XinFin? XinFin is a Singaporean-based blockchain platform which is completely compatible along with Ethereum ecosystem. For the reason, every app formed on Ethereum codebase can be incorporated easily over XDC blockchain.
Sydney has 20+ years commercial experience and has spent the last 10 years working in the online marketing arena and was the CMO for a large FX brokerage.
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