Think about yourself, you are going to the airport and directly boarding a plane without having to queue or show your passport, or booking a flight and taking the best price available without using a third party website. Established on the way that blockchain technology has been disrupting almost every industry, these dream scenarios may become the certainty in the future.
While blockchain is still most conjoined with cryptocurrencies like bitcoin & smart contract, the developing technology has the potential to provide multi-purpose business applications for a range of various business industries.
The travel and tourism industry is a great example, as commercial airlines and hotel chains are practically databases in themselves. They hold secure customer data such as passports, credit card information, and another bit of valid photo identification.
The most simple way that blockchain will disrupt the industry is by getting cryptocurrencies as a mode of payment for travel and accommodation. However, there is much more that can be completed on a usable level that could save trillions of dollars in the long term.
What Is Blockchain, and How Does It Work?
Blockchain Technology primarily involves a public or private distributed ledger for recording transactions such that they are transparent and cannot be modified. This ledger is controlled by a network of computers hence the term blockchain technology. This developing technology was lead to the forward by cryptocurrency, especially Bitcoin. But is now been promoted as the innovation to decentralize the online including businesses and services.
Basically, blockchain was used to record transactions of digital currencies like Bitcoin (BTC) but is now being applied in multiple industries where data transparency is an advantage. The decentralized management of the database allows for agile, uncostly processing of transactions, which can guide to productivity and cost savings for businesses.
Blockchain comes with many unique feature that can benefit companies in a multiple ways. Some of the unique features are:
- Transparency and Stability
- Decentralized Business Model
- Data Integrity
- Elimination of Third Party or Middleman
- Enhanced High-end Security
The travel & tourism industry is starting to feel the impact as well-established travel firms as well as blockchain startups develop innovative ways to improve processes through the power of blockchain.