Innovative technology such as blockchain easily attracts capital from different areas and industries. In the past year, investment in the blockchain has been recorded higher for as much as 49 %, compared to 2017. Despite ups and downs of cryptocurrencies initially based on this technology, blockchain has managed to obtain broader usage in the world of business. It is clear that many prosperous startups, companies, and investors in the fields of finance and banking, real estate, medicine, healthcare or insurance have found a safe and adequate application of blockchain in their ranks. Yet, one of the industries with the most significant potential benefit is tourism, indeed.
It is estimated that this gigantic global industry will achieve the capacity of an incredible 12.3 trillion dollars next year. The fundamental role of introducing blockchain into tourism is to improve the quality of services, eliminate intermediaries, reduce frauds and better interaction with consumers.
What significant improvements the service in the field of tourism can achieve under new conditions? In fact, large. Some of the most basic ones should be pointed out.
Tourism without intermediaries and direct access to the house renting market
Imagine a decentralized network for services in the tourism and travel industry. Such a system of smart contracts can significantly increase the interaction between the service provider and consumers. By linking capacities directly, such as airlines, hotel chains, restaurants, and sellers-agents in tourism, third-party intervention could be avoided. Fees will be reduced significantly, and the purchase of services and products would be affordable. Such a system would also be transparent, which in the long run would mean that actors could monitor the performance of other players on the market, and ultimately eliminate unhealthy competition.
The Beenest platform or Winding Tree, for example, are pioneers in this area of tourism. Both networks are based on Ethereum and the use of blockchain technology.
Let’s take an example of one of these two companies. Beenst is a platform on which owners and tourists are linked, without intermediaries, and without commissions. Token created exclusively for this purpose is a decentralized currency for temporary renting of houses, apartments, villas in tourist places without commission and at reasonable prices. As it has been said, transactions are transparent, and the network at the same time works as other search engines in tourism globally – monitor the performance of service suppliers and customers, evaluate and rank services and facilities.
Blockchain technology in tourism for monitoring the individual experience of every tourist and activating local communities
Implementation of technology continues to be designed to measure, monitor and improve comfort and delivery of services in tourism to final consumers. One global platform, MeetnGreetMe is a project of creating a new ecosystem where all service providers and consumers in tourism will be gathered. Each user will have congestion management concerning their own financial capabilities. Again, smart contracts will provide the building of a trust network, as well as a system of rewarding for all ecosystem members.
So far, more than 200 cities around the world have been put into the system. The local community is directly involved in the realization of the service in the tourist resorts, and all operations will be connected by the blockchain. WelcomeSoin (WEL) utility token is the next item that will be introduced in this project.
One currency for all travelers
In the end, you will agree that a universal payment method with fewer costs would be more than great news for global tourism. This is possible through an application that already have more extensive utility than just for tourism. It’s called Travelflex, and it’s based on the DAG algorithm. App has a huge transaction speed per second (up to 1400) compared to other forms. This development project has already captured some of the big names in tourism, such as Booking.com, Agoda, British Airways, Hilton, Emirates Airways. In the following period, it is necessary to connect all significant partners – hotels, airlines, banks, for this application to really have its actual application in all parts of the world.
The introduction of blockchain technology and the use of decentralized ledgers, smart contracts, will create a new market in tourism; new, emerging clusters of confidence. The outcome of all members of the industry becomes publicly visible, which enables the elimination of unhealthy competition and the assessment of past performances. With the concrete solutions offered above, it is inevitable that more and more startup companies will be included in the tourism network, very soon.