Will Tourism Industry Be The Next Sector To Benefit From Blockchain Application?
Blockchain technology-based solutions are developing across various industries and applications, with an increasing number of capital investors behind it. After revolutionizing almost all the trades, blockchain is all set to benefit yet another sector- tourism industry.
The banking and finance sector has witnessed one of the significant implications of the blockchain technology. While this technology is new in the market, many industries are adopting it for practical reasons.
• ID and Security
Identification and security are two major concerns in the tourism sector. With the introduction of blockchain technology, passengers do not have to show their identity at various stages, and a shared database is created to fill the passengers' information.
• Data Security and Mode of Payment
Organizations have adopted digital records and have restricted its access to specific authorities only to secure the data of their clients.
Cryptocurrencies are adopted as the new mode of payment. For instance, you can use Bitcoin to book tickets, accommodation or restaurants.
A blockchain-enabled system will help you in booking airline or hotel tickets directly thereby removing all the intermediaries and making the process easier and cheaper. This system will enhance the client's experience and reduce the chain between customers and sellers. Also with cryptocurrency, you can book hotels and other services as well.
• Loyalty Programs
Blockchain technology and tourism are merging to provide loyalty schemes to the customers. Blockchain can aid in giving digital tokens so that the customers can use it anytime anywhere!
Also, in an organization rewarding an employee should be a must to boost the morale and increased transparency could be witnessed in an organization.
• Baggage Tracking
Blockchain technology provides a feature wherein luggage can be tracked easily. So, even when passengers are not traveling with their luggage, they can be able to monitor and note the progress.
• Revenue Management
Many organizations are using private blockchain system to manage their internal affairs and also to handle the various distribution of the hotel inventory among other assets.
The blockchain technology and the tourism sector are presenting a new way to collect information. In this way, it would provide a centralized database which will help in managing the data in a more organized manner. More technological advancement is expected in this area. As blockchain technology has disrupted many industries, we can agree that this technology's implications will have a significant impact on the tourism sector as well.