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BLOCKCHAIN IN TRAVEL

Blockchain Technology In The Travel Industry

Using blockchain technology has bought a revolution in the travel industry. It has changed the way of booking to the method of transaction. The benefit of Blockchain development is harnessed by blockchain experts in different companies to reinforce their working mechanism in traveling and tourism, namely:

  • Winding Tree
  • Webjet
  • Sandblock
  • Accenture
  • TravelChain

Winding Tree

Winding tree platform is an extremely valuable private company that was founded in 2012 in Switzerland. It uses its private blockchain technology to keep its customers' records, their data, their transactions, and the expenses of hotels and airlines. This private company uses the blockchain to keep track of the expenses for making a stable and fair travel market. This company uses smart contracts with its customers and provides their customers with the opportunity of gaining profit, allowing customers to save for every stakeholder in the travel and tourism industry all across the globe.

Webjet

One of the major problems customers face while traveling is the false or lost booking of hotels. This can be an increment in the traveler's expenses as new booking of the hotels requires spending money. The problem has been resolved by the introduction of immutable distributed ledger technology. Webjet has come forward with a solution to these problems. Webjet is an Australian-based traveling company that was founded in 1998. They claim to be the best online agency in New Zealand and Australia. Webjet has recently launched one of its private ledger that deals with these issues providing the best solution by reducing the layers between the customers and the hotel by the use of blockchains. The customers are enabled to contact directly with the hotels and check their facilities on their own and then decide whether they would like to book it or not.

Sandblock

The traveling and tourism industry has faced new challenges in hotel and airline loyalty programs. Although there are many customers in the loyalty points offered, many prefer accepting better deals with lower prices. This problem was resolved by introducing Sandblock, which was founded in 2017 in France. The main aim of this blockchain is to replace the loyalty landscape with a blockchain based platform that is easier and safer to use. One of its key aspects is to let the customers have the option of creating their customer loyalty programs token based on their own choice, just like a smart contract. Not only this, but those tokens can also be exchanged for real money when needed

Accenture

One of the most inconvenient things while traveling is standing in long lines for tickets. It can ve tiring to stand in long lines and still not be sure if the tickets will be available at your turn or not. In addition to waiting for the tickets, standing in queues for security checking has become a headache for travelers who want to travel. This problem was resolved by Accenture(ACN). Accenture developed a system known as the Traveler Digital Identity System. The main work of this blockchain is the collection of data of different travelers and tourists and their hosts from their traveling experiences and maintaining that information for further use of the customers who are planning a tour to a certain place at a low cost.

TravelChain

Data is the most important thing in the world these days. The data can be used by different companies, and those companies can benefit from that data in various ways. But unfortunately, the data that is provided by the travelers are kept at the gate by sites like Orbitz and Expedia. They keep that data to themselves and offer high prices to the people interested in traveling. TravelChain is a Russian-based company with blockchain experts that gives its customers the leverage of uploading their data on the blockchain without any intermediaries. The users have full access to their data and are allowed to share it with anyone according to their will. In addition, they are also offered tokens for keeping that data which can be exchanged for fiat money.

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Blockchain Technology in the Tourism Industry

Blockchain technology has made its special place in not only local traveling but in international tourism too. It has various advantages over the existing systems that are still being used by various companies. Some of the advantages of using blockchain technology are listed below:

Easy and traceable payments

Talking about payments, the main advantage of using blockchain in this method is the involvement of theft-proof cryptocurrency. The payments made by cryptocurrency are way more secure and easily traceable, which is why the payment method using cryptocurrency by the use of blockchain is preferred. In addition, the ledger system is decentralized, meaning there are no intermediaries in the payment process of cryptocurrencies. This method is considered to be more beneficial due to its ability of significant savings of money that could have been spent on the middle man. The money that was spent on the intermediaries will be saved now.

Hotel and transportation coordination and management

The main issue faced while tourism is managing and booking hotels and transportation. This problem is mainly faced by tourists when traveling to a new country or state. This issue gained the focus of the public ledger developers, and after much consideration, blockchain technology was designed to solve this problem. The hotel and transportation booking is made by the customer themself by using a peer-to-peer network service provided by the ledger.

Business ratings

What is the first thing we do when we buy something online? Check the ratings of the product. The same can be done in tourism. But while planning tours and travel we are not sure about who wrote those comments and who rated that place and we might not be able to decide whether we will plan that tour or not?. This problem is resolved by using blockchain technology with traceable data on its platform. You can check a certain place's rating and who rated it, just like the ratings of businesses.

Management of baggage

Imagine reaching your destination and finding out that your luggage has been misplaced! What a spoiler of your dream tour would it be, right? Such incidents can be avoided by keeping track of your luggage on your own. Maintaining the security of the luggage in mind, the use of blockchain enables its users to keep a record of their luggage and through their tracing service make your time spent on the tour lovely and memorable.

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Reward system

Many travel companies provide their regular customers with the benefit of loyalty cards that keeps them attached to the particular traveling agency. The loyalty cards are cards that help tourists get concessions on their trips. The samin the form ofe service is provided by the blockchain system to its customers in form of loyalty tokens. The tokens are however in form of digital currencies known as cryptocurrencies but those tokens can be exchanged for real money. This keeps the customers happy and keeps them using the same platform again and again.

Loyalty Programs And Blockchain

Loyalty programs offered by the companies have been proven to provide fame to businesses like financial services, healthcare, retail industries, and the hospitality and travel industry across the globe. Loyalty programs are programs offered by the sponsors and companies to their customers that offer them several offers and savings on different programs.

What are the uses of loyalty programs in business?

Loyalty programs are used by different business companies for the expansion of their customers and repeated usage of their company and their services by their customers. This is done by keeping the customers engaged by offering them different good options compelling them to use the same platform for their needs and desires. They keep a record of the data and information of the customers.

Many loyalty programs are being offered to the customers by different companies, but some of the programs are:

  • Point Programs
  • Spend-Based Loyalty Programs
  • Tiered Programs
  • Paid Programs
  • Value-based Programs
  • Partnered Program
  • Game Program
  • Hybrid Loyalty Programs

Point Programs

The point programs are the most famous and widely provided loyalty programs that companies offer because of their easy use. It works on the principle of spending more, getting more. This means every purchase is made by the customer, and some points are added to his/her wallet in tokens. These tokens can then be used for different discount offers.

Spend-Based Loyalty Programs

In spend-based loyalty programs, The customer gets points for spending money on certain businesses. It is considered one of the easiest and user-friendly programs that are easier to understand by the customers. It ensures secure and error-free transactions of money from cryptocurrency to real currency.

Tiered Programs

Tiered programs are loyalty programs that offer the customer to attain as much equilibrium as possible among the attainable and desirable rewards that can be gained. It provides a reward on the initial purchase that encourages the customer to make more purchases.

Paid Programs

Paid programs are loyalty programs offered to the customers after paying a certain amount to the companies. The program comes with special offers provided after the payments are made. The paid programs contain benefits available to multiple parties making it worth spending money.

Value-based Programs

Value-based programs are provided to the customers that give their customers the benefit of becoming the brand ambassador by providing them with the best offers so that they agree on working with the company for a longer time. This is done by investing some of the money spent by the customer while purchasing something will be spent somewhere good developing an emotional contact with the customers.

Partnered Program

Partnered programs are the loyalty programs offered by different blockchain software development services and other decentralized projects. This develops the feeling of trust and reliability among the customers.

Game Program

One of the best ways of attracting your customers for long term business is by converting the loyalty program in form of a game program that attracts the customers having an interest in games offering gaming experience to multiple players at the same time.

Hybrid loyalty programs

Hybrid loyalty programs have two loyalty programs merged together at a single platform in form of a single program. For example, the hybrid loyalty program can consist of a paid and a gaming program simultaneously.

Conclusion

The use of blockchain technology in the traveling and touring industry has made its special place in the lives of the traveler and tourists. Harvard business review revealed an increase in the business of touring and traveling after the introduction of blockchain technology in this field. Different blockchain technologies that are being used by the companies in traveling and tourism are Winding Tree, Webjet, Sandblock, Accenture, TravelChain. The use of these platforms has made the security of the customers their priority making the blockchain technology more reliable and trustworthy by the customers. Blockchain technology keeps a record of the data of the customers like personal information and data preventing accidental deletion of the data that can be encountered while using some other software or traditional paperwork method of keeping records. Blockchain in the travel and tourism industry looks after the whole process from start to end to ensure an enjoyable and time stamped traveling experience for their customers.

Blockchain technology takes the responsibility for the whole process from booking airlines, booking hotels, booking the transport that will be used by the customer, smoother transactions of the customer, and providing security to the customer’s data, resulting in revolutionizing the experience of traveling for their customers making the costs and hectic work significantly reduce. Blockchain app development firms have developed several solutions that make the method of transactions easier and safer while traveling. It has enabled the companies to accept payments across the seas in form of token money or cryptocurrency and offers them a safer transaction method that is trusted by its customers and all users.

One other big advantage of the use of blockchain in the traveling industry is the provision of smart contracts that are customer friendly and provide the customers the service of fingerprint recognition. In other words, all the data stored in the platform in form of digital data is easily accessible to the customer but after proving their identity by fingerprint identification. Loyalty programs are a big reason to go for the use of blockchain for traveling and touring. Various loyalty programs are offered by the technology that keeps the customers engaged with their services. For example, regular customers are offered certain savings and offers by the companies that compel them to use that specific company for their traveling experience.

Next Article

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