As the use of blockchain protocol continues to rise, there are fresh opportunities for travel companies to leverage blockchain technology in order to enhance the travel experience for customers. In this regard, here are six ways in which blockchain is expected to revolutionize the travel industry.
Blockchain technology eliminates the requirement of a third party to supervise transactions and generates a permanent ledger of all transactions that can be monitored in real-time. The transparency and security provided by blockchain offer several benefits compared to conventional techniques. For example, tourists can track precisely where their funds are directed as transactions are authenticated by nodes on the network. Additionally, it is significantly more challenging for cybercriminals to fabricate a transaction because each block contains a timestamp and a connection to the previous one. This renders any data inside a block almost impossible to tamper with, making it the most secure payment method presently accessible.
Numerous travel companies that rely on blockchain technology have the objective of customizing the travel experience. By utilizing artificial intelligence, these platforms aspire to offer tailored recommendations to travelers throughout their journey. These companies have faith that this personalized approach will create a sense of being looked after among the travelers.
Making travel accessible
Airbnb has made travel more accessible by enabling individuals to earn extra income or pursue it as a full-time occupation. However, blockchain technology may be further simplifying the process of exploring the world for anyone interested. Winding Tree, a company, is utilizing blockchain to offer flight and hotel bookings to travelers without relying on a centralized intermediary such as Expedia. This move will provide greater autonomy and openness for customers, as well as access to better deals from airlines and hotels that don’t incur the same fees and commissions as third-party agencies like Expedia.
New financing opportunities
The emergence of blockchain technology and cryptocurrency has expanded financing opportunities for startups and small businesses, creating new possibilities for entrepreneurs in the travel industry. This development paves the way for more individuals to secure funding. Bancor is an example of a company that offers a decentralized platform allowing conversion between different types of cryptocurrencies without relying on third-party intermediaries. This means that small businesses and startups looking to leverage blockchain technology can do so without needing additional investments from banks or other institutions. Furthermore, since blockchain-based currencies are not subject to inflation, travellers can keep their money for extended periods without fear of devaluation.