How blockchain could transform the Travel Industry
Introduction
When the word blockchain comes to mind they are two things that often comes to mind of people, the first, about bitcoin and cryptocurrency. The second, about the vague concept of blockchain set to revolutionise the world
See previous topic, it explains some underlying questions about the blockchain
Things about blockchain you felt too embarrassed to ask
The travel industry is growing but not as fast as possible as it should.
Like some other business, the travel industry business is growing and progressing and keeping up with the latest trend. However, there are still a few issues slowing it down.
How could the blockchain help?
Incorporating the blockchain and smart contract into the travel industry will go a long way in addressing the issues or problems currently faced in the travel industry.
Apart from blockchain, another biggest gift the world has ever seen is the introduction of Smart Contracts.
Smart Contracts is a hardcore agreements between two different parties into a self-executing blockchain program. It can have a ‘command’ written like, pay a commission fee to a party when ‘x’ has been reached. This is made possible thanks to the blockchain.
The travel industry is a business with the highest commission based business. You see where the need for the blockchain comes in?
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How the Blockchain can potentially impact the travel Industry
1. Improving baggage tracking
This is one area the blockchain need to address. In as much as the travel has improved over the years, some problems still lingers.
Every traveler's fear and worse nightmare is the loss or damage of his/her or bags or luggage. Over the years, the travel industry has had to deal with this issue and often lose their reputation, lose money in from their own pocket in settling this issue and most time run into loss because of this unfortunate incident.
The introduction and use of the blockchain through it's shared and distributed ledger will prevent such events from occurring as it will automatically log in owners/customer details, provide proper records and tracking and give details on how the luggage is moved from one location or point to another within and between the airport. There will be no loss or delayed case of luggage ever again.
2. Automating and simplifying settlements between operators
Here's where the use of Smart comes in. Remember the definition of Smart Contracts? It has to do with automation
With a complex set of relationship between service providers and providers, with money moving around them in form of cash, commission and the likes.
A smart contract based on blockchain will handle and settle payments based on agreements already made in place by automating and settling such payments. Thanks to the blockchain and smart contract. It will also lead to increase in efficiency and reduction in the costs for everyone involved.
3. Revolutionising identification process
One of the most talked about potential uses of the blockchain is to provide a digital ‘identity’ for individuals.
Travellers has had to go through endless showing of passport and IDs from booking to boarding to airport security to hotel check-in. The implementation of blockchain could help in reducing this stress
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With the blockchain been implemented sometime in the future, travellers will have smooth and frictionless experience throughout the course of their journey as the process of identification will be transformed, they won't have to go throughout the rigorous process of showing passport and IDs again, thanks to blockchain.
Conclusion
With several start ups, businesses and industries starting to tap into the blockchain wave. The adoption by travel industry is not far behind.
The use of blockchain in the travel Industry is inevitable, It's just a matter of time before the travel industry see the use/potential of blockchain before adopting it.
The blockchain is such a great technology, having done some research on how it works, it's obviously the future. It's inevitable. The sooner more companies, industries, businesses adopt the use of blockchain, the better for them. Such a well detailed post. Keep it up @emma001
Thanks, i appreciate your comment on the subject. The use of blockchain is truly inevitable
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