Blockchain Solutions Take on the Global Travel Industry
May 2, 2018 by Reed Schlesinger
Blockchain solutions may make a lot of sense for the global travel industry. We consider what a “smart travel record” might look like and how it could change tourism going forward.
A Smart Travel Record
The truth is when it comes to travel and transportation it’s time we as travelers demand better.
Part of the reason for the travel industry’s common pain points is the presence of middlemen. From global distribution systems (GDS) to online travel agencies, trusted third parties always have their hands in the pot, holding onto our data and personal travel records while using this vantage point to refuse innovations.
Now with the blockchain, as well as with the unique applications that can work on top of the blockchain, new solutions are being created that are causing industry leaders to take another look at decade-old processes.
The real question is what are the biggest pain points for consumers? From that starting point, more and more companies are looking at using distributed ledgers to tackle these issues.
Reducing Travel Friction
Imagine a situation where instead of a paper or limited digital travel record, you had a “smart record” secured via blockchain. This smart travel record would be in token form and have complete information about your hotel, flights, and more. This record would have 100 percent up-time and could even be traded with your peers via a travel marketplace, all through a simple app.
Companies such as the Further Network imagine a situation where any aspect of the travel journey is customizable, interactive, and connected to the most important part of the travel experience: you. The result is personalized solutions and reduced friction along multiple parts of the travel journey.
As the blockchain revolution continues to globalize commerce and Millennials continue to favor experiences over products, many industries will be impacted, with the travel industry poised to be among the vanguard.
Of the fastest growing industries, the global tourism economy — worth more than $7 trillion USD per year — is just beginning to heat up, and blockchain solutions may just end up turning the industry on its head.
Would you be more likely to travel outside of your country if the process was easier? Where do you think you would go and why? Tell us what you think.
Images via iMore, BW Businessworld