Of course, financial transactions are a vital part of the travel industry too, and blockchain technology has the capacity to not only simplify, but also secure payments. This is especially true when dealing with overseas payments. As a consequence of this, blockchain has the potential to improve the level of trust among all parties.
Blockchain technology can be extremely valuable for tracking the movements of luggage, especially when dealing with international travel. In many cases, a customer’s luggage changes hands multiple times over the course of their journey. Using a decentralised database makes sharing tracking data between companies a lot easier.
In simple terms, LockChain operates as a direct marketplace for hotels and hospitality companies looking to rent out property. The platform covers payment, property management and various other aspects of the booking process. Best of all, because it uses a decentralised system, there are no middlemen and no commission fees.
Trippki is an example of a customer loyalty reward system. Here, customers and hotel chains, or hospitality companies, are put in direct contact. Eligible customers are allocated ‘TRIP’ tokens for staying in a hotel and these tokens are permanently recorded in the blockchain, meaning they do not expire and can be used at any time.
Travelchain: Making the Most of Data
Data has become a prized commodity in today’s economy, offering businesses numerous insights and advantages when used appropriately. Travelers generate massive amounts of data that are highly valuable to service providers, though that information is generally restricted to gatekeepers such as Expedia and Orbitz, which offer a faster booking process at a price. The result is an ecosystem that raises the costs for travelers and adds to the informational asymmetry for travel service providers.
New entrant Travelchain is looking to upend the paradigm with an open-source blockchain that seeks to remove intermediaries on the supply chain. Users are empowered to collect and monetize their travel data, keeping it safe from prying eyes and receiving tokens as compensation for sharing with travel service providers. These tokens can then be redeemed for services or money.
Participating companies can access more granular information about travelers, channeling these insights for more pinpointed promotion targeting. Apart from personalizing marketing, these companies can offer customized tours and promotions based on a traveler’s preferences, closing the entire ecosystem loop and delivering value to all stakeholders.
More examples at Blockchain use case in travel industry – LeewayHertz Blockchain Developers.