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BLOCKCHAIN IN TRAVEL

Stability and security are two benefits that blockchain technology may provide to the tourism sector. Since the blockchain is decentralized, information can never be accidentally deleted or destroyed due to a hostile cyberattack, ensuring that transactions are always traceable.

The travel sector depends on several businesses sharing information. For instance, travel agents must provide customer information to hotels and airlines, and customers' personal effects are frequently transmitted between businesses and tracked. Because the responsibility for preserving data is shared across the entire network, blockchain can make accessing and storing essential information simpler and more dependable.

Of course, the travel sector depends heavily on financial transactions, and blockchain technology has the potential to both streamline and secure payments. This is especially true when dealing with funds from outside the country. As a result, blockchain has the potential to increase confidence among all stakeholders.

Using blockchain in the travel and hospitality industry has revolutionized the travel industry. It has changed the way of booking to the method of transaction. Blockchain experts in different companies harness the benefit of Blockchain development to reinforce their working mechanism in traveling and tourism, namely:

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. It 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 hotels booking requires spending money. The introduction of immutable distributed ledger technology has resolved the problem. 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 ledgers that deals with these issues providing the best solution by reducing the layers between the customers and the hotel through the use of blockchains. The customers can contact the hotels directly 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 many customers are 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 be tiring to stand in long lines and still need to be sure if the tickets will be available at your turn. 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 by 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. Different companies can use the data, and those companies can benefit from that data in various ways. But unfortunately, the data that the travelers provide are kept at the gate by sites like Orbitz and Expedia. They keep that data to themselves and offer high prices to people interested in traveling. TravelChain is a Russian-based company with blockchain experts that allows its customers to upload their data on the blockchain without any intermediaries. The users have full access to their data and can 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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Potential Blockchain Use Cases in the Travel and Tourism Industry

Here are four of the most intriguing applications of blockchain technology in the tourism and hospitality sectors.

Monitoring Luggage

Blockchain technology has a lot of potential as a tool for tracking the whereabouts of bags, particularly when it comes to international travel. Throughout a trip, a customer's luggage frequently changes hands several times. Sharing tracking data across businesses is much simpler when done using a decentralized database.

Identification Services

For the travel sector, identification services are crucial, and blockchain may eventually replace other methods of storing this data as the industry standard. When used in this way, technology has the potential to significantly shorten airport check-in lines or wait times since presenting identification documents can be replaced with a quick fingerprint or retina scan.

Safe Transactions

The most significant application of blockchain technology in the hospitality, travel and tourism sectors relates to payments. Here, its uses might include everything from acting as a global ledger, making bank transfers easier and more secure, to enabling travel agencies to accept payments in the form of Bitcoin and other cryptocurrencies.

Customer Loyalty Programs

To encourage repeat business, several travel agencies provide customer loyalty programs. Additionally, blockchain can help with these programs by streamlining the procedure, making it easier for clients to obtain information about their loyalty points, and enabling the distribution of tokens. In this field, fraud can be fought with its assistance.

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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 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.

Hotel and Transportation 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 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 by using a peer-to-peer network service provided by the ledger.

What are the uses of loyalty programs in business?

Different business companies use loyalty programs 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 customers by different companies, but some of the programs are:

Point Programs

Point programs are the most famous and widely provided loyalty programs companies offer because of their easy use. It works on the principle of spending more, getting more. This means the customer makes every purchase, 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 most 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 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 to work 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 the form of a game program that attracts customers having an interest in games offering a gaming experience to multiple players at the same time.

Hybrid loyalty programs

Hybrid loyalty programs have two loyalty programs merged at a single platform in the 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 in travel and hospitality industry has put the technology in a special place in the lives of travelers 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 used by companies in traveling and tourism are Winding Tree, Webjet, Sandblock, Accenture, and TravelChain. The use of these platforms has made the security of the customers their priority making blockchain technology more reliable and trustworthy for the customers. Blockchain technology keeps a record of the customers,' data 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 their customers an enjoyable and time-stamped traveling experience. A blockchain expert or a Blockchain development company can help travel companies create custom blockchain solutions to improve their customer loyalty program and streamline their booking processes.

Blockchain technology takes responsibility for the whole process from booking airlines, booking hotels, booking the transport that the customer will use, 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 transactions easier and safer while traveling. It has enabled the companies to accept payments across the seas in token money or cryptocurrency. It offers them a safer transaction method that its customers and all users trust.

One other big advantage of using blockchain in the travel industry is the provision of smart contracts that are customer friendly and provide the customers with the service of fingerprint recognition. In other words, all the data stored in the platform in digital data is easily accessible to the customer after proving their identity by fingerprint identification. Loyalty programs are a big reason to go for the use of blockchain for traveling and touring. The technology offers various loyalty programs that keep 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.

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