In the past few years, the reservations and booking industry for hospitality and travel has also migrated online. This is due to the fact that the internet has brought a revolution in the manner in which people travel. Due to the various remarkable features offered by the blockchain technology, it is a wise step to move from expensive centralized management into an entirely autonomous and self-managed tourism ecosystem.
Let us see the type of advantages that incorporation of blockchain technology can provide to a travel and hospitality business.
What is blockchain?
It is a kind of a distributed database that comprises of data blocks, each of them containing a cryptographic link and a timestamp to the earlier block. It is the place where all transactions get recorded. The shared and distributed nature of the database is built on a “decentralized approach” towards security, information exchange and data management.
Blockchain operations offer transparency, responsiveness and speed to a business. This helps a lot in saving substantial money and time and also paves the road for the establishment of new business models.
Reduce cost of business operation
With online migration of the travel industry, it has resulted in a reduction in the staff and rental costs linked with conventional travel agents. A large number of firms all across the world are examining in blockchain schemes in the tourism and travel industry.
Most of them have started transforming themselves with an intention to develop a fully blockchain-based, and government-backed market for the entire tourism industry.
No possibilities of manipulation
As blockchain is built on a fully autonomous, open-source and decentralized database, it is controlled and assisted by various people all across the nation. There are negligible chances to get manipulated or act biased to benefit one party over another. Using a blockchain system, any consumer can interact with retailers easily. This helps in cutting off the middleman, saves costs as well as provides a lot efficient and streamlined user experience.
The immutable and safe nature of a blockchain service offers a reliable payment platform as well as an encrypted form of data transfer. All the various interactions performed on blockchain gets identified via a distinctive private key.
Each and every transaction done by it gets recorded in a manner that it can’t be changed. In addition to this feature, there is also no requirement for 3rd party management. It is secure from any external tampering and interference.
Negligible cost of implementation
Another important benefit of implementation of blockchain in travel industry is the less cost of implementation. Its cost is negligible in comparison to the expenditure incurred in establishing and maintaining a website. Customers easily connect to a blockchain model with just a mobile phone.
They can immediately start to interact with its tokenized system that offers ongoing rewards from Day 1. Its low entry cost and deployment simplicity imply that it is the best platform available to any business or organization.
If you wish that your business gets benefitted with all these benefits, then it is required that you implement blockchain technology in your business.