Over the past years, blockchain has massively revolutionized the way in which information or data is stored or utilized. The advantages of blockchain solutions have obtained an interest in a plethora of sectors include supply chain, retail, healthcare, and financial services corporations. Aside from such sectors, the tourism space is also seeking ways to benefit from the technology.
But first, what is blockchain?
The blockchain is a principled digital ledger of transactions which can be automated to store not only financial dealings but everything which holds value.
It stores information across a series of computers on a P2P network. The data could be accessed in real time which can be seen throughout networks and make it possible to view the history of the goods as well as its components.
Blockchain technology comes with a lot of unique characteristics and traits which can benefit corporations in many ways. Some of these features include:
Blockchain in the Tourism Sector
As mentioned above, blockchain technology is widely utilized by a plethora of businesses and industries.
Did you know that mishandling baggage costs aviation companies many billions each year and is quite stressing for travelers like you? The issue isn’t simple, as it appears to be. That’s because the baggage needs to go through different stages.
Today, systems have improved the procedure through reconciling baggage handling data directed from departure control applications. It could come to rescue to handle this issue.
You are aware how blockchain aids in safeguarding the data, which makes it inaccessible and safer to an unauthorized individual. For long years, user security and privacy have been a problem. If a corporation signs a deal along with a Travel Management Company, airlines or suppliers, the firm needs presenting the supplier access to data to provide the services.
Whether the process is manually or automatically, the profiling procedure takes a lot of effort and time. Nevertheless, when the information of the staff is kept on the blockchain, it could help deal issues on both parties. For example, corporations won’t have to make another API connection between the supplier’s profile database and buyer HR system.
No doubt, the tourism sector is always busy all year round. A lot of tourists are always seeking promotions and deals throughout the year. Nevertheless, when vacation season comes, there is the likelihood of flights and hotels being overbooked.
Blockchain technology comes to the rescue by avoiding double booking or double spending. It avoids any instances to take place like letting the passengers wait until the room is vacated or offloading the passengers.
The future of blockchain technology in the tourism sector will eliminate lots of discrepancies which lead in millions of dollars lost to corporations including hotels and airlines.
Are you familiar with XinFin? In case you didn’t know yet, the XDC wallet of XinFin is made to increase global financial access. The wallet offers a platform which can hold diverse cryptocurrencies and fiat. It supports businesses to continue their balances in any currency of their preference, even exchange their cryptos for a local fiat currency. What’s more: about XinFin is that it’s made for financial institutions, individuals, enterprises, and banks. It enables them to join in peer to peer transactions around the world
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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