Blockchain in Tourism | Forging the Post-Covid Future

The way when and why we travel has changed dramatically after the pandemic. The complications of shopping and organizing for a vacation have reduced the joy of a new adventure. COVID-19 has introduced a new level of ambiguity to the travel industry. Now, the tourism industry requires a holistic approach to meet the problems it faces and thrive post-pandemic. Consumers today expect safe, unique, and personalized guest experiences.

The Tourism Industry and Blockchain

Tourism and blockchain have the potential to be a great combination. The technology can offer security, transparency, and other advantages to the industry to address challenges.

For instance, when a travel agency books flights and accommodations for a customer, it requires sharing the information with various companies. Because blockchain is a distributed ledger spread across an entire network, it makes this activity safe and transparent. The same thing can happen with international transactions, boosting the level of confidence amongst all parties involved.

Blockchain Technology | Advantages

Blockchain provides various benefits that many industries can use, including tourism and technology, due to its intrinsic structure. Indeed, a study forecasted significant annual growth in its use across several markets.

Data Decentralization and Immutability Ensures Information Security

Blockchain’s decentralization aspect keeps the data about transactions in the network shared across various nodes that make up the blockchain’s foundation. It establishes no single point of failure, unlike centralized systems. It means even if a node stops working, the network will continue to operate.

Further, algorithms used by blockchain prevent block alterations. They ensure that no one can alter the data contained within it. It requires 51% of the network’s control to edit a block of information. Thus, every piece of information on a blockchain network becomes immutable.

Blockchain Applications

The technology or applications run on top of blockchain technology. They can prove valuable in the tourism business. Some instances are as follows:

• Cryptocurrency
• Smart Contracts
• A Unified Digital Identification System

Blockchain Use Cases in the Tourism Industry

Given the qualities and capabilities of blockchain technology, several experts believe it can benefit the tourism business. Here are a few of the more intriguing ones:

• Management of Luggage
• Business Evaluations
• System of Rewards
• Payments that are Fast, Secure, and Traceable
• Coordination and Management of a Hotel or Transportation

Blockchain in Tourism | Real-World ExamplesLockChain

LockChain is a direct marketplace for hotels and hospitality businesses looking to rent out space. The platform handles payment, property administration, and other aspects of the booking process on blockchain. Because it is a decentralized system, there are no intermediaries and no commission charges.

Winding Tree

The most well-known current example of blockchain-based luggage monitoring is the Winding Tree network. It also has a booking component. Because there are no third parties involved, booking and tracking are simple, safe, and secure. Therefore, all procedures benefit from increased transparency.

Trippki

The project has developed a loyalty program based on blockchain technology.

It facilitates direct contact between customers and tourism-related businesses. It gives customers tokens for staying in a specific hotel. These tokens never expire and are redeemable at any time.

Conclusion

In this blog, We are trying to explain how blockchain transforms the tourism industry and what we need to know about it. Blockchain in tourism is a form of tourism that is dedicated to cryptocurrency enthusiasts. It accepts payment in digital currency for packaged tours and side attractions or sometimes includes courses on cryptocurrency as a part of the tour. We also explain some blockchain use cases in the tourism industry and share some real-time examples for understanding.

Oodles Blockchain is the blockchain development arm of Oodles Technologies. We have rich experience in designing and developing robust blockchain solutions for businesses operating in diverse industries.