How blockchain will transform travel industry

May 21, 2018 Simon Hopes | Comments Off

Blockchain technology is in its origin, but it’s plain that it will transform many industries in drastic ways. The most brilliant minds of our time are trying to understand all the implications, but it will take some time.

We’re surrounded by digital transactions, millions and billions of them; these transactions form the foundation of our society. At this point, they are being transformed by a technology called blockchain.

The blockchain is a decentralized, encrypted database yielded across a chain of stakeholders, where digital activities can be gathered and organized in a natural verifiable and secure way.

The information added to the blockchain has to be accepted by consensus, believed by all parties rather than by one central administrator. This diminishes errors as there is no individual point of control, each block of information added to the chain is time-stamped. This ensures that the information is auditable and traceable at any time. Most importantly rocks added to the blockchain can never be removed or modified, eliminating the risk of data tampering and fraud.

The blockchain is a modern technology but it has the potential to disrupt the way business is traditionally done. For example, payments furthering settlements between several parties like hotels, travel agencies and aggregators can be a remarkably complicated process.

Especially beyond boundaries blockchain technology could streamline this process by reducing the intermediaries and the settlement timing, while increasing the overall flow transparency traveler ID confirmation. Today, travelers are expected to show their ID at multiple stages of the journey, from booking to boarding, to checking in at the hotel. Blockchain could make this more secured while simplifying traveler identification at every stage. Baggage tracking, another challenge is keeping track of travelers luggage, as it changes hands from Airlines to ground handlers. At airports, blockchain will allow all parties to exchange information, even if they are not in the same alliance or related to the same segment, improving the accuracy of baggage tracking across the industry.

The challenge will be to continue to find where blockchain travel can add value to travel industry, uniquely placed to take on this challenge. Working together with partners and customers to embrace blockchain, making travel secure, simple and transparent for all.

There are blockchain development company that are working towards the development of travel industry.