Blockchain Technology in Travel Industry 2020

Blockchain-Technology-in-Travel-Industry

Blockchain technology has generated momentous exhilaration over the years within many industries & fields. It is because it has the potential to dramatically change how the data or information is stored & used, enhancing security and transparency, while also improving transactions.

2019 was a crash year for cryptos, although the sum raised this year was twice as high as the past with Blockchain in action. Blockchain projects guaranteed a great deal. However, 71% of them still have no working products.

The contention was that the Blockchain industry is still in its earliest stages. What is more, one of the essential places to watch where the Blockchain will rise again in the Travel industry?

The travel industry depends upon various organizations passing information between one another. For example, travel agents need to pass customer’s details on to bus companies and hotels, while the individual assets of travelers are passed between companies and tracked as well.

Blockchain can make getting to and storing essential data easier and progressively dependable because responsibility for storing it is shared over the entire system.

The decentralized nature of the Blockchain implies that the data can never go disconnected or be lost through incidental erasure or a malicious cyber-attack, ensuring transactions are constantly traceable.

Blockchain technology helps to improve the effectiveness of travel by progressively diminishing travel costs and time. It can give solutions to some issues in the sector.

Blockchain technology can control the temperature of goods, for example, drugs, and medicines while carrying in transport mode. Besides, it helps in the payment process by decreasing processing time and expels the third-party agent’s cost.  And of course, financial transactions are significant in the travel industry too, and Blockchain technology can simplify, as well as secure payments. This is particularly true when managing overseas payments. Because of this, Blockchain can enhance the level of trust among all parties.

Blockchain app development companies are including e-wallets in the apps, delivering it a lot easier for customers to consequently progress for costs, for example, highway charges, parking, and burnable or power top-ups.

Blockchain could also be relevant in exasperating business costs, which live over payment services in transportation. Other uses for Blockchain can be the reduction of costs and execute adaptable solutions for tracking orders.

In this artifact, we take a more detailed look at the various things like what is Blockchain technology. How can Blockchain be used? Blockchain terms, Uses for Blockchain technology, and potential Blockchain applications.

  • Blockchain technology: what is it?

Blockchain technology can sound confusing at the initial stage, but when you start knowing, it will look simple, and you will get a grip on it easily.

It is a list of public records, or you can say it as a public ledger, where transactions between parties are stored or listed. Each public record, known as a ‘block’ in Blockchain terminology, is secured using cryptography.

One of the essential characteristics of Blockchain technology is that information/data is decentralized, with information shared across a peer-to-peer network. Every block contains timestamp and transaction information.

 

Blocks are also permanent and cannot be altered without consensus from the entire network and without changing all succeeding blocks.

The decentralized, time-stamped, durable, and unalterable nature of data recorded in the Blockchain means the data is transparent, secure, and traceable.

  • Potential uses of Blockchain technology in the travel industry
  • Better Payment Security

Where Blockchain can genuinely benefit the travel industry is in expanding the security of online payments. While the digital payment space has enhanced a great deal in a previous couple of years, frauds and fake transactions are yet costing the travel industry billions of dollars every year.

  • Efficient Identity Verification

The travel industry is amazingly dependent on the utilization of identification services, and Blockchain would exceed expectations in such a manner. It has every one of making being an exceptionally successful method for providing travelers with digital identities. Blockchain technology reduces check-out times and the length of lines in airports. Thus, documentation, for example, a driver’s license and passport, can be replaced by fingerprinting or facial scans. This would significantly decrease crimes such as identity theft and monstrously enhances the reputation of the travel industry in the process.

  • Goods and Luggage Tracking

Blockchain technology can be very helpful in tracking the movements of goods and luggage, particularly at the time of dealing with the worldwide travel industry. With the help of Blockchain, we can trace the information of the user luggage within less time.

  • Improved Travel Hospitality

Blockchain provides customers with more straightforward and easier access to their data, and it would significantly decrease the uncontrolled fraudulent activities that exist in this space. Besides, Blockchain would immensely enhance the effectiveness of hospitality in the travel industry. At this time, customers need to independently book tours, hotels, flights, and activities, so on with various companies. This can be a remarkable issue and puts many people off planning long occasion trips.

  • Customer loyalty schemes

There are so many companies in the UAE that run customer loyalty programs/schemes. It is some sort of gamification, and it results in more customer engagement. Although it enhances the probability of a customer becoming a potential returning customer.

Here, Blockchain can be quite helpful in making the overall process more manageable. Additionally, it helps customers to access their information regarding loyalty more easily. Finally, it results in more distribution of tokens.

Apart from the above, using Blockchain results in avoiding fraud in these schemes.

  • Customer Trust

Every customer looks at the reviews and forums when they are planning to travel; nonetheless, we cannot check who wrote the reviews and to what extent they are accurate. With loyal Blockchain, all data that seems in the network is reliable, secure, and public, achieving better transparency and expanding customers’ belief.

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  • Examples of Blockchain technology

Besides these more general Blockchain potential applications and patterns can help to transmute the travel industry, there are also some more explicit examples of the technology being put to good use already, such as:

  • Winding tree

The winding tree is a Blockchain-based platform for baggage tracking. Perhaps it is the foremost present-day example that includes the booking element.

Blockchain has helped here to avoid third-party participation and to attain greater transparency, tracking, and booking that can be accomplished with ease and secure way.

  • Lockchain

In simple words, Lockchain is a direct marketplace for hotels and hospitality companies looking to rent out a property.

This platform completes all the requirements related to payment & property management. The best thing among all, it is a decentralized system, and there are no third-party or any commission fees.

  • BeeToken

One of the most ground-breaking uses of Blockchain is BeeToken/Beenest home-sharing platform. The platform uses the technology to put customers in touch with the hosts and pay them for their stay.

As the platform is Blockchain technology-based, there are no commission fees involved, and all things like reputation and payment are unchanged.

  • TUI Bed-Swap

Finally, yet importantly, TUI has started its kind of Blockchain project, which it refers to as Bed-Swap. This technology allows the company to move inventories between different points of sale and flex selling margins in real-time, depending on the level of demand that is present at that particular time.

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  • Blockchain development companies in Demand

Since the applications of Blockchain technology trending in the travel industry with the time, more and more Blockchain companies are making their way into the market to fulfill the needs of those who wish to have a Blockchain-based application or platform in their business model.

Currently, the era of Blockchain technology we almost in every industry, and it is looking to incorporate amazingly powerful technology in their business model to make more secure, efficient, and fast.

Anyone who is planning to develop a Blockchain-based application for his business can hire Blockchain developers from FuGenX technologies.

As one of the top mobile app development companies Dubai, FuGenX has capable of building cryptocurrency wallets, optimized to perform low-fee, minimum-latency transactions. Reach FuGenX Technologies for developing cryptocurrency wallets for your business.

  • Final words

The travel industry has seen so many advantages of using Block chain technology. Besides, this is, of course, the beginning of the Blockchain era. With time, almost every industry and every process will have little or more use of Block chain in them.

I hope you are pleased with the information on how the travel industry is benefited from Blockchain technology. In case, if you are not happy with the information, you can provide your suggestion via comment section.

The revolution in the travel industry is quite impressive. FuGenX Technologies have been a leader in offering quality Blockchain technology solutions to customers across various industries.

Are you looking out for a reliable Blockchain solutions provider? Then you are in the right place. Get in touch with FuGenX.

We are always happy to serve you.

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