Technology could never satisfy human beings, no matter how evolved or powerful it gets. How many times it has happened that despite having a tight deadline, you had to wait for your colleague to send or close a document for you to start working? The very thought that might have hit you in those moments is that what if there would have been a software or an application that would have automatically allowed more than a visitor to not only view but work on the document at the same time without manually sharing it.
Your wish has come to exist in reality. Yes, it has! Blockchain Technology – A scrupulous digital record book of documents or economic transactions that decentralizes the data/information across the peer-to-peer network and can be slated to track, not just the financial transactions, but all valuables. Initially developed for the digital currency called Bitcoin, blockchain technology has been a revolutionary invention adding a backbone to the contemporary form of the Internet, and guess what, it is in huge demand in this fast-moving world these days.
Since its inception, blockchain technology has been an immensely beneficial discovery to almost all sectors and industries worldwide, notably, tourism. The aviation companies and hostels are huge databases, themselves. They detain a significant amount of crucial and confidential customer data, for example, passport, credit card information, and documents related to photo identification. Hence, blockchain technology keeps these data fully secured, guarded, safe as well as traceable, and transparent at the same time. The ‘block’ in the term ‘blockchain’ means a record that is encrypted and sealed using cryptography. There is no center to collapse or fail and the data itself turns immune to any alteration or unwanted dabbles.
The use of this ‘blessing in disguise’ technology would be a win/win situation for both the tourism industry and tourists since it can cut off the extra middlemen interference from third parties like Yatra.com or MakeMyTrip.com. The customers can directly book their flights or hotel rooms with the concerned parties. Similarly, the aviation companies or hoteliers could expect an on-spot payment without paying a buff to anyone. In short, it simplifies the overseas payment procedure – the most difficult situation that the travel industry faces almost every day. A bundle of relief for travel agents, too…Phew! Isn’t it?
Blockchain technology can cut down half of their hectic work of passing information to other travel and tourism entities by sharing the control for reserving it across the network. The whole industry relies upon this part of their job. Furthermore, it proves to be a flawless technique to raise the revenue for both the tourism and travel industry for its fast inventory tracking capacity and updated features for developing supply chain systems. Research has estimated 51% of annual growth in its use in different businesses.
This technology bears unlimited opportunities for travel and tourism industries to flourish worldwide; however, they have just started learning about it, gradually. Nevertheless, whoever amongst them is the first to use it, will lead the pack and avail the perks of being the early bird. They will stay a step ahead of time and their competitions, for sure!
“First come, first served.” – John Fletcher