Smart Travel: How Blockchain is Transforming Travel & Tourism Industry?

An enormous global expansion in the travel and tourism sector is predicted for the upcoming years. Blockchain technology has generated an abundance of curiosity in a lot of distinct fields and organizations in recent years. This is primarily because it may significantly change how, data or information is used and retained, improving transactions while also increasing security and transparency. Here, we look at in greater depth the different applications of blockchain that the tourism industry has utilized or is expected to use. So, get ready to book cheap flight tickets to India from Canada with Tripbeam and take a look at how blockchain is transforming the travel & tourism industry.

What is Blockchain Technology?

Blockchain technology is actually quite easy to understand, despite the fact that it may seem at first complex. It is merely a publicly accessible dataset, similar to a public ledger, that contains the recorded or mentioned transactions between parties. Blockchain terminology refers to each record as a “block,” that is safeguarded by the use of encryption.

The decentralised nature of blockchain technology, which allows information to be exchanged among peers, is one of its most important features. A time stamp and transaction data are included in every block. Furthermore, blocks are unchangeable and cannot be changed without the network as a whole agreeing and changing every block that comes after it.

Data kept in the blockchain is more secure, traceable, and transparent since it is autonomous, enduring, recorded in time, and indestructible. After all, the data is resistant to modification and unauthorised tampering, and there doesn’t seem to be one point of failure or vulnerability.

What Benefits Does Blockchain Offer to the Tourism Industry?

Stability and security are two of the main benefits that blockchain technology can provide to the travel and tourism sector. Transactions are always traceable thanks to the decentralised architecture of the blockchain, which prevents information from ever going “offline” or disappearing due to intentional cyberattacks or inadvertent deletion.

The travel industry depends on multiple businesses sharing data with each other. For example, airlines and hotel chains compel travel companies to share client details, and the personal belongings of travelers are often shared and tracked across organisations. Because blockchain distributes the burden of storing data over the whole network, it can facilitate and improve the reliability of accessing and storing critical data.

Of course, the tourism sector depends heavily on financial transactions as well, and blockchain technology can speed up and secure these transactions. This is particularly valid for international money transfers. As a result, blockchain has the power to increase confidence in everyone. Furthermore, make sure to check out Tripbeam to book affordable flights from Thunder Bay Ontario to India.

Uses or Possible Uses of Blockchain In the Travel Sector

1. Luggage Tracking

Blockchain technology can be very useful for tracking the movement of bags, especially when flying overseas. Throughout a customer’s excursion, their luggage frequently shifts hands multiple times. Using a decentralised database makes it much simpler for businesses to share tracking information.

2. Traceable and Secure Payments

Payments are probably the most significant use of blockchain technology in the hotel, tourism, and travel sectors. Here, applications can include serving as a worldwide ledger, streamlining and securing bank transactions, and enabling travel agencies to take payments in the form of Bitcoin and other cryptocurrencies.

3. Identification Services

The tourism sector is highly dependent on identity services, and blockchain technology has the potential to become the norm for preserving this data. When applied in this way, the technology has the potential to significantly reduce arrival times and lines at airports because a fingerprint or retinal scan can be used in lieu of presenting official documentation.

4. Customer Loyalty Programmes

Finally, in an effort to draw in repeat business, a lot of travel agencies offer their clients loyalty schemes. Additionally, blockchain can assist with these programs by simplifying the process, facilitating the distribution of tokens, and facilitating users’ access to information regarding their loyalty points. It might also help combat fraud in this particular industry. Moreover, you can also browse Tripbeam.com to book cheap flights from the USA to India.

Examples of Blockchain Technology in Practice

1. LockChain

To put it plainly, LockChain is a wholesale rental marketplace for hotels and other hospitality companies. The platform manages every aspect of the booking process, including payment and upkeep of the property. The best part is that because it uses a decentralised structure, there are no commission fees or middlemen.

2. Winding Tree

The Winding Tree network is possibly the greatest example of baggage tracking with blockchain technology available today, as it includes a booking component. Due to the lack of third parties, booking and tracking are made easy, safe, and secure. Additionally, improved transparency benefits all procedures.

3. BeeToken / Beenest

Right now, the BeeToken, or Beenest, home-sharing network, is one of the most inventive implementations of blockchain technology. Here, technology facilitates communication between guests and hosts, allowing them to plan and pay for stays. Again, there is no commission, and established payment, reputation, and arbitration procedures safeguard users.

4. TUI Bed-Swap

Lastly, TUI has introduced “Bed-Swap,” an internal blockchain experiment. This technology allows the company to dynamically move inventory between points of sale and modify selling margins in real-time in response to fluctuating demand levels.

Final Thoughts

In conclusion, understanding blockchain technology may not be as hard as it seems. As of yet, learning about it can still overwhelm or perplex, especially for people acquainted with peer-to-peer networks, digital technology, encryption, or cryptocurrency. However, it’s essential to comprehend it due to its enormous promise and capacity to completely transform the travel and tourism industry. Furthermore, if you are looking to book cheap flights from Kelowna to India, make sure to visit Tripbeam, the best in business.

Also Read: Air India’s New AI Assistant Takes Passenger Experience to New Heights