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Blockchain Technology and How it will Impact the Tourism Industry

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Blockchain technology has garnered a lot of interest from different sectors because it has the potential of drastically transforming the way data and other important information is stored. It promises the organizations a secure and transparent process to complete transactions. And the tourism industry seems to be keen on experimenting with this new technology. How? You’ll explore more about it in this article. 

What is Blockchain Technology?

In simple terms, blockchain technology is a system of recording important information in a way that makes it very difficult or impossible to cheat, change or hack the system. It is basically a digital ledger of transactions that is copied or duplicated and distributed over an entire network of computers on the blockchain.

Blockchain Technology

Blockchain Technology in Tourism Industry

The tourism industry is benefiting from revolutionary technologies these days. Be it the wide use of travel apps by tourists or the use of blockchain technology by various organizations in this sector. Each promises an excellent user-experience and customer satisfaction. Blockchain along with the tourism industry can become a powerful combination as this amazing technology can help solve certain problems that already exist. 

Advantages of Blockchain Technology in the Travel Industry

A Secure Mode of Payment

In the travel industry, block chain technology can be used to make secure payments directly between two parties without the involvement of a third one. This is because it uses various cryptocurrencies like Bitcoin that does not require the interference of another party. 

Secure Mode of Payment

Helpful in Baggage Management

One of the worst things that can happen while traveling is losing luggage. But blockchain technology can be very helpful in tracking and retrieving lost baggage. And the mishandling and loss of luggage can be reduced significantly. The blockchain data can be easily used by the authorities to monitor and identify the lost baggage.

Identification of Customers

With data saved in the blockchain, it eliminates the requirement for verification at multiple stages. Verifying the identity of the customer at the initial stage would be sufficient and this could even save a lot of time for both the security persons and the customers. Hence, experts have the opinion that blockchain technology for smart tourism is a necessity. 

Helpful in Identification of Customers

The Customer Reward System

When services start using and accepting blockchain technology, they can even reward their loyal customers with cryptocurrencies. This can be used for their next trip and can help them save money. The need of a third-party mediator can also be easily eliminated this way. 

Genuine Business Ratings

Ratings by customers can be accessed through blockchain, which will provide the users with correct information. As the entire data in the network is secure, public and dependable, this would increase the transparency and help gain the consumer’s trust. 

Although many businesses in the travel sector have already started using this technology, we have to wait and see how blockchain technology will revolutionize the tourism industry. It may not be for everyone but blockchain technology just like metaverse certainly has a lot of uses. 

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