The implementation of blockchain technology in the travel and tourism industry would be a win/win for both industry corporations and travellers
How Blockchain Technology will Dominate the Travel Industry
Despite being one of the vast markets, the travel and tourism industry is being dominated by monopolies. It’s quite evident in the sphere for travel booking services. Major companies like Expedia, Booking.com, and Airbnb have become the most sought-after places for finding accommodation, but they all have fees and different charges while the vendor charges a customer for payment processing.
The blockchain technology, smart contracts, and distributed ledgers contain the potential to drastically change the way the travel and tourism industry works for both vendors and customers.
The Problem within the Industry
Failing loyalty schemes
Improper baggage tracking
Settlements between operators
Identity and reputation
Overbooking
Policy and compliance
Duty of care
Why Choose Blockchain Technology As a Fix
Eliminating Overbooking Issue
Blockchain has the ability to prevent double spending. And so, it could remove the problem of double booking in this industry. It would eliminate instances like this from happening related to passengers but airlines as well.
Improving Baggage Tracking
Blockchain-based solutions could offer a shared, distributed ledger, that can be used by everyone within and between airports that at some point have control over baggage. The blockchain-powered system would enable automatic logging of a bag and its ownership details. Further, the records can be shared with whoever concerned person to improve accountability, and to track down the luggage.
Simplifying Settlements Between Operators
Smart Contracts based on a blockchain system could change the way operators, service providers and OTAs operates. They will need to settle cash and commissions based on a predetermined set of agreements using smart contracts. And the process can be made automatic and executed in a way that increases efficiency and reduces costs for everyone involved.
Revolutionising Identification
One of the most prominent potential Blockchain uses in the travel sector is identification. We can imagine the future where trustworthy and immutable nature of blockchain technology could entirely change the way travelers are recognized throughout the entire their journey.
Enhancing Duty of Care
With blockchain, it can be made easy to foresee how risk management systems grant access to a traveler's location at any time. Health records stored on the blockchain network could also aid a traveler in need of medical help.
Ensuring Policy and Compliance
Blockchain technology can act as a gatekeeper which helps corporates to stay compliant. Using blockchain solutions, managers can receive real-time alerts for policy breaches that could happen. Indeed, the blockchain using its potential for matchless transparency, privacy and security can enable this model for the safe future of managed travel.
What Role Oodles Blockchain Plays
Blockchain-based Solutions for Travel Industry
At Oodles, as a professional web and app development company, we have the proficiency to deliver techno-driven solutions for any bespoke needs of the travel and tourism sector.
High-Class App Development Services
If you are an online travel booking company, a regional tour operator, a leading travel agency or even an owner of a travel & hospitality business, we can prove to be the best choice as we offer effective blockchain based solutions for travel app developments. Our solutions leverage all significant features of Blockchain to help you achieve your customers’ expectation and increase efficiency.
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