Over the recent years, and particularly during the time of the ongoing global pandemic, blockchain has shown an unmitigated potential to handle things smoothly which are either too complex or too prone to human errors.
The travel industry is one such industry that is in strengthened need of stability and security. By its very nature, it involves a large number of parties that interact with each other, share data, and engage in monetary and other kinds of transactions. All of this generates massive amounts of information that become difficult to handle. Due to this, glitches are bound to happen.
On one hand, blockchain technology can make the flow and storage of the massive data generated by the travel industry safe and simple, and on the other, it can lead to fast and secure payments, especially in terms of overseas transactions.
Let us look at a point by point potential uses of blockchain in the travel industry:
● Ease of Identification
Traveling is a major hobby across the world. However, it can also sometimes become a hated ritual due to the formal complications involved. Too many checkpoints at airports for verifying documents, trouble with lost passports, and an endless scrounging for different kinds of papers in the luggage can be tiresome, exhaustive, and also sometimes traumatic for the travelers. But in the industry as well, it poses problems; as it demands a lot of paperwork and hence manpower.
This can be solved by the global adoption of blockchain for identification purposes. Many countries are deliberating on this step and new developments in ideas are necessary for this to be materialized. Once brought into action, blockchain-based identification can change the entire working of the travel industry.
● Fast and Secure Payments
Traveling involves a good lot of payments and many players in the industry— from the travelers themselves to the hotel owners— grapple with the need for a faster and more secure method of payment. Blockchain can serve the function of a global ledger and make banking payments not only secure but also very simple.
● Handling Data Produced From Tracking Luggage
For travelers, losing their luggage can prove to be a nightmare. Such errors also press a massive burden against the other parties involved in the industry. Blockchain technology can be very helpful in handling the data related to luggage tracking, especially at an international level.
● Travel Insurance
According to a report published last year, blockchain can be used effectively to implement travel inconvenience insurance. The report cites an incident from February 2019, in which a strike organized by China Airlines pilots had resulted in a cancellation of more than 60 flights. As a consequence, more than 30,000 passengers were affected.
The report highlights how a blockchain-based solution can automate the process of travel inconvenience insurance, “simplifying insurance application and claim settlement processes.”
Blockchain Startups that are Offering Services to Revolutionize the Travel Industry
● LockChain: LockChain is a direct marketplace for companies that offer hotel and hospitality services. It helps them rent out properties by solving various problems related to transactions, booking, and management. Since blockchain is a fully decentralized technology, the platform offers the perk of a reduction in costs by eliminating the need of third parties which otherwise would have been crucial.
● Winding Tree: This platform offers services related to baggage tracking and booking through blockchain. Again, the absence of third parties makes the entire process of booking and luggage tracking simpler, convenient, cost-friendly, and transparent.
● BeeToken/Beenest: This platform puts the customers in touch with the hosts to carry out further transactions and stay arrangements. It makes the process cost-effective for the users; since no commission is involved. Yet, security and transparency remain uncompromised.
Expanse: Giving Wings to Ideas
The world is locked inside at the present moment due to a virus which has given a big blow to several major industries, the travel industry being one of the biggest losers of this calamity. After this passes, this industry needs to come out and revive with a new force. Such a revival is possible only when great ideas are put into action. And Expanseis just the right place to give wings to your ideas. Based on Ethereum, the platform allows you to create solutions to real-life problems, without compromising with scalability and security. It offers your ideas just the right start— and during this time, when the entire human life on earth is witnessing a great upheaval, ideas are the only saviors and it is only innovations that can help restart the travel industry with stronger and faster wings.