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8 Ways Blockchain Technology Can Revamp Travel Industry

8 Ways Blockchain Technology Can Revamp Travel Industry

<p style&equals;"text-align&colon; justify"><i>Blockchain technology&comma; which was supposed to secure bitcoin transactions&comma; is disrupting almost every industry we know&period;<&sol;i><&sol;p>&NewLine;<p style&equals;"text-align&colon; justify">Blockchain technology is at its horizon&period; Every second person is talking about blockchain or planning to invest in blockchain development&period; All industries are looking forward to exploring the potential of the technology and revamp their business world&period; And one such industry which has though not shown any advancements&comma; but is predicted to be revolutionized by the application of blockchain technology in next 3-4 years is Travel Industry&period;<&sol;p>&NewLine;<p style&equals;"text-align&colon; justify">Before we discuss different ways Blockchain technology can revamp the travel sector&comma; let’s have a look at what blockchain is&quest;<&sol;p>&NewLine;<h3 style&equals;"text-align&colon; justify"><b>Blockchain Technology<&sol;b><&sol;h3>&NewLine;<p style&equals;"text-align&colon; justify">In a layman’s language&comma; Blockchain is a type of database that is immutable&comma; secure&comma; decentralized and distributed&period; That means&comma; you can add records to the database easily&comma; but cannot remove or alter&period; To remove or update any record&comma; you are required to get permission from nearly 51&percnt; of the connected records&period; Anyone can deploy a particular section of computer code onto a blockchain&comma; but since the database is immutable&comma; the code written will be stored and performed there forever&period; Besides&comma; the database is not centralized&semi; full or partial copies of the database will be distributed to a wider range of computers&period;<&sol;p>&NewLine;<h3 style&equals;"text-align&colon; justify"><b>Blockchain and Travel Industry&colon; What’s the Connection&quest;<&sol;b><&sol;h3>&NewLine;<p style&equals;"text-align&colon; justify">Travel sector is far more complex and disintegrated than it appears&period; It encompasses various challenges and issues&comma; especially when it comes to identity management and providing comfort &amp&semi; security to the customer base&period; However&comma; the interesting part is that blockchain technology can be the right solution to most of their pain points&period; Wondering how&quest;<&sol;p>&NewLine;<p style&equals;"text-align&colon; justify">Here are 8 ways by which Blockchain technology can uplift the travel industry&colon;<&sol;p>&NewLine;<h3 style&equals;"text-align&colon; justify"><strong>1- Escape from Overbooking<&sol;strong><&sol;h3>&NewLine;<p style&equals;"text-align&colon; justify">We all are aware of the issue of overbooking&period; Due to a network issue or some other factors&comma; we often make double bookings and struggle later on&period; As per what I have observed&comma; both the travel service providers and travellers bear consequences of this situation&period; However&comma; this can be put to an end with the integration of Blockchain technology&period;<&sol;p>&NewLine;<p style&equals;"text-align&colon; justify">Blockchain&comma; one of the hottest technology trend for 2018&comma; has the ability to prevent the situation of data redundancy&period; Perhaps&comma; the issue can be completely resolved only when marketers stop adopting this practice for increasing profit and optimizing resources&period;<&sol;p>&NewLine;<h3 style&equals;"text-align&colon; justify"><strong>2- Identity Validation<&sol;strong><&sol;h3>&NewLine;<p style&equals;"text-align&colon; justify">There’s no exaggeration to the fact that a major part of the world’s population is still disconnected from the global economy&period; It’s tough to recognize and validate their identity&period; Although there are numerous ways to check and authenticate a person&&num;8217&semi;s identity&comma; like social logins and federated identity system&comma; you cannot completely rely on them for pulling data from different sources or using a specific factor to see the details you want&comma; until and unless you integrate with third-parties&period;<&sol;p>&NewLine;<p style&equals;"text-align&colon; justify">Decentralization via Blockchain can fix this issue&period; The technology can help such people to get acquaintance and access to all the basic financial services&comma; which will eventually connect them to the rest of the world&period; Besides&comma; it can enhance the reputation-based identity system and prove their identity&semi; giving an escape from long waiting lines and complicated TSA &lpar;Transportation Security Administration&rpar; mechanisms&period;<&sol;p>&NewLine;<h3 style&equals;"text-align&colon; justify"><strong>3- Fraud Detection<&sol;strong><&sol;h3>&NewLine;<p style&equals;"text-align&colon; justify">With valid identification and non-refundable transactions&comma; the blockchain technology can cut down the risk of fraudulent&period; Apart from this&comma; the technology can also make it easier to implement PCI DSS compliance&period;<&sol;p>&NewLine;<p style&equals;"text-align&colon; justify">In a blockchain-based system&comma; the cardholder data will be stored on a distributed network instead of the corporate database&comma; which means travel companies need not worry about data breaches&period;<&sol;p>&NewLine;<h3 style&equals;"text-align&colon; justify"><strong>4- Single Traveler Profile<&sol;strong><&sol;h3>&NewLine;<p style&equals;"text-align&colon; justify">With Blockchain technology&comma; it is possible for the employees to create a single user profile and share with all the suppliers&period; They need not build different profiles of an individual for workflow or compromise with the new supplier’s user interface&period;<&sol;p>&NewLine;<h3 style&equals;"text-align&colon; justify"><strong>5- Boost Loyalty<&sol;strong><&sol;h3>&NewLine;<p style&equals;"text-align&colon; justify">By offering a hassle-free experience and almost no risk of sensitive data breach&comma; the technology of trust boosts trust and loyalty between the customers and travel agencies&period;<&sol;p>&NewLine;<h3 style&equals;"text-align&colon; justify"><strong>6- No Middlemen<&sol;strong><&sol;h3>&NewLine;<p style&equals;"text-align&colon; justify">Blockchain technology has accelerated the money transfer process by removing the middlemen and their fees&period; By blockchain-enabled crypto wallets&comma; one can perform money transfers anytime and can enjoy a streamlined experience&period;<&sol;p>&NewLine;<h3 style&equals;"text-align&colon; justify"><strong>7- Better Care and Assistance<&sol;strong><&sol;h3>&NewLine;<p style&equals;"text-align&colon; justify">Blockchain technology will empower the travel managers to ensure that the traveller enjoys a convenient and safe journey&period; The travel manager can get real-time updates about the traveller making&sol;updating a reservation&comma; boarding the plane&comma; checking in at the booked hotel&comma; renting a car&comma; etc&period; via Blockchain in IoT enabled devices&period; Besides&comma; the manager can get access to Health record of the traveller which he&sol;she can use in case of medical help&period;<&sol;p>&NewLine;<h3 style&equals;"text-align&colon; justify"><strong>8- Policy and Compliance<&sol;strong><&sol;h3>&NewLine;<p style&equals;"text-align&colon; justify">Blockchain technology can give the travel companies an escape from keeping a gatekeeper&sol; security guard&period; They can get direct real-time updates whenever someone tries to enter the office area illegally or try to breach the policies&period; The technology can let them have a two-way communication with all the traitorous employees&period;<&sol;p>&NewLine;<p style&equals;"text-align&colon; justify">Besides&comma; the technology of trust can act as the right tool to enhance the travel and booking style&period; Blockchain with unparalleled transparency and security features can be the enabler of open booking concept &&num;8211&semi; where you can make bookings from anywhere unless you follow the policies &&num;8211&semi; all your data will be collected&comma; managed and made available to you in no time&period;<&sol;p>&NewLine;<p style&equals;"text-align&colon; justify">From the above-mentioned points&comma; it can be depicted that Blockchain technology will lift the travel industry&period; However&comma; the implementation of the technology won’t be all of a sudden&semi; it is likely that blockchain will take another 3-4 years to experience wider adoption&comma; reaching to every corner of the travel industry&period;<&sol;p>&NewLine;

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