When it comes to a revolutionary technology like blockchain technology, it’s hard to tell what exactly will change first and where. The truth is that there are so many sectors that blockchain could disrupt or alter in so many different ways.
This article takes a deep dive into the different ways blockchain technology can disrupt the travel industry. And also how the Covid-19 pandemic has fast-tracked the need to incorporate blockchain technology in the travel industry. Interestingly, we would also look at some of the top travel companies relying on the boundless possibilities embedded in blockchain and cryptocurrency. Companies like Travala.com, Sandblock, etc.
Some aspects of the travel industry disrupted by blockchain technology include;
1. Data Storage/Management
It is no news that blockchain technology is a more secure and reliable way of handling data. This feature is also quite crucial to the travel industry for several reasons.
First, it means that the safety of travel data is more secure – which could undoubtedly prove essential in a military capacity, for example, to prevent something terrible such as a terrorist attack.
Secondly, this also means that companies can be optimized more about travel data. We all know that travel can be difficult and inconvenient, in the sense that flights get delayed, or hotel reservations get lost. However, if this data was stored on the blockchain, this could mean that the information is now stored and updated more efficiently than ever.
If blockchain can help provide more real-time availability regarding room and flights, this saves consumers time and money and helps to preserve brand reputation and bottom lines. There is even more concern over the right to privacy. Blockchain technology and encryption could certainly prove to help travel records indeed remain safe.
2. Payments During Travel
Blockchain first impacted the payment industry as it was first used in the issuance of Bitcoin. So, it is already a documented fact that blockchain technology will transform the payments industry. It allows for quicker and cheaper transactions among individuals and businesses. Thanks to Ripple, Coinbase, etc., payments can be enacted in real-time. This is incredible for those who might have to deal with traditional financial institutions.
For example, if there is an emergency, and you have to ask a friend or family member for a wire transfer – this could end up taking days, while blockchain technology might enable that payment to occur much quicker.
This also means that you don’t have to change fiat currency into local currency constantly. If you find businesses that accept cryptocurrency, you can use cryptocurrency. Otherwise, you might be withdrawing large amounts of money and continually having to exchange money at the whim of exchange rates in different countries.
Moreover, This could also mean safer travels, considering that you do not have to physically carry physical money, traveler’s checks, or other kinds of fiat currency on your person. Ultimately, this could help you become a target and provide you new peace of mind.
3. Tracking Luggage
There has been much discussion that blockchain can help businesses track items, products, and inventory, which is excellent for logistics. Guess what else it’s great for? You guessed it – luggage. If you have experience in traveling, it’s very probably that you’ve lost your luggage before, and blockchain could certainly help in this respect.
The fact that data can also be distribute in a decentralized manner regarding luggage can make finding your luggage a much easier ordeal.
Covid-19, Blockchain And The Travel Industry
The onslaught of the novel coronavirus has put a strain on the travel industry. It has also highlighted the shortcoming in traveling and the need for blockchain technology.
Following the relaxation of travel restrictions, we have seen more use cases of blockchain technology in the travel space. Use cases directed at facilitating the introduction of more contactless interactions. Many travel companies have also incorporated cryptocurrencies into their payments system. We also noticed the launch of blockchain-based Health ID and Covid-19 passports. The WHO also partnered with several top blockchain firms to launch a Covid-19 data hub dubbed MiPasa.
Blockchain-Based Travel Companies
First on my list is Travala.com – Travala.com is currently the world’s largest blockchain-based travel booking company. Launched in 2017, the company now accepts over 77 cryptocurrencies.
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