As digitization has taken over all the fields which include real estate, government, healthcare, etc, blockchain is getting more popular. There are reservations about data security and privacy. Blockchain has managed to store data in a more secure form by facilitating transactions and maintaining transparency. Due to decentralization, the data is not lost or misused by any cyber attack. The blockchain has transformed the travel industry.
Many industries could be revolutionized by the technology of blockchain. The data stored on the blockchain is extremely secure as it is protected by encryption. This makes it ideal for use in banking, private transactions, and health records. Users will find it easy to access and transfer information without fear of compromise or manipulation. Additionally, it’s quick and easy to create new applications for the blockchain using smart contracts. For example, a car rental agreement would instantly become binding when both parties confirm their details through the app.
Blockchain transforms the travel industry
In addition to protecting user data, blockchain is also efficient and reduces costs. Traditional booking platforms have several costs associated with managing bookings. These include human resources, office space, technology, and wages paid to bookers. Blockchain eliminates these costs by automating the booking process- eliminating the need for humans to manage tasks. This makes it possible to offer lower prices while improving customer service. Using an automated platform also eliminates any possibility of bookers generating extra income by adding extra features to the booking process.
Smart Contracts
Another feature that makes the platform superior is smart contracts. A smart contract is a computer program that functions like a legal contract between two or more parties. It allows parties to quickly and easily exchange goods, services, or digital currency without any possibility of error or fraud. The major advantage of having smart contracts in place is that disputes resulting from business dealings can be immediately settled without any need for third parties.
Many industries could be transformed by blockchain technology in the future thanks to its advantages in security, automation, and cost reduction. Businesses would benefit from offering more customization options that suit individual consumer needs and reduce costs associated with contract execution. Furthermore, implementing smart contracts will revolutionize many industries currently bogged down by costly paperwork and high levels of fraud and error.
Data Security
The travel agencies share the client’s data with airlines and hotels. The luggage is transferred and constantly tracked. There are chances that the data might get compromised. This is where blockchain comes to the rescue. The blockchain makes it a lot easier and more reliable for accessing and storing data.
Four Key Features of Blockchain
Secure Payments
One of the important parts of traveling is international financial transactions. The payments conducted through blockchain are simple and secure. Blockchain will act as an international ledger where travel companies will accept bitcoin and cryptocurrencies as payment methods.
The luggage has to go through various terminals to reach its destination. The luggage can be tracked using a decentralized system which will save the hassle.
Identification services
As documents are replaced by fingerprints, facial recognition, and retina scans, blockchain will aid in the storage of information, saving time for check-ins, boarding, and so on.
Some travel companies are using AI along with Blockchain to manage their agency by tracking and analyzing the data. This helps to deliver smoother transactions and speed up the operational process. So in a way, blockchain transforms the travel industry.
