How Might Blockchain Technology Enhance Travel Trust& Authenticity In The Travel Experience?
The Aviation and Communications Company SITA4 is researching the use of a single travel token based on the principles of single signing on (SSO) that can be stored on mobile and portable devices and authenticated on the blockchain, cutting down documentation checks throughout the journey of the customer. [Sources: 5]
It's good to know that many travel companies are starting to use blockchain technology. Airbnb uses blockchain to secure the disclosure of user profiles to third parties. Many travel companies have their own loyalty programs to satisfy their customers, and blockchain technology could help in this area. [Sources: 3, 5]
Blockchain interrupts every step of the industrial value chain by continually analyzing alternative currencies, securing irrefutable identities, lowering transaction costs and challenging the current marketing thinking. Together with other accelerating technologies such as artificial intelligence, cloud computing, hyper-connectivity, and the Internet of Things, this could transform society. Because blockchain bears fruit with successful implementation, we can harness the myriad benefits of blockchain technology in our lives without having to understand the technical aspects of how it works. [Sources: 9, 12]
Blockchain enables the creation of unique travel experiences that become independent of external, centralized sources of manipulated information. Blockchain technology can bring the scenarios described above to life, providing a seamless customer experience, speed, secure collaboration and transparency for the multitude of stakeholders involved in travel. [Sources: 6, 9]
Ethan Chernofsky, vice president of marketing for cross-sector blockchain networks at Orb Group said that measure of how well technology disrupts travel is whether it creates real value for consumers. Blockchain's travel-based applications are developing new systems for sales, loyalty, identity, operations, and more, an issue we explored in detail in February. [Sources: 0]
Blockchain could also serve as a basis for other technological applications, and these could be useful for the tourism industry. Platforms providing travel support services could choose blockchain to improve their competitiveness in the market. Taking advantage of the potential of the technology, travel companies are exploring the role blockchain could play in key areas. [Sources: 4, 5, 11]
Blockchain technology is one of the technological advances that could help brands gain a better understanding of how to appeal to their customers, while allowing customers to regain control of their PII. [Sources: 8]
Although there is a growing literature on the potential of blockchain applications, thorough scientific research is needed to illustrate how blockchain technology can provide a fundamental level of improved transparency and trust in marketing activities. In a further section, the authors give an overview of sustainable tourism and Blockchain Technology, describe how this could be used to achieve sustainable tourism, explain how blockchain technology could be implemented in practice and conclude by identifying future research directions. [Sources: 8, 13]
Global supply chains, financial services, healthcare, government, and many other industries are exploring ways for innovators to use blockchain to disrupt and transform traditional business models. Read on to see significant business advantages, such as greater transparency, improved security, improved traceability, increased transaction efficiency and speed and lower costs – and learn more about the use of Blockchain in your industry. Many companies in the travel industry are considering whether to invest in their existing systems or incorporate technology, and blockchain deployment focuses on four key parameters. [Sources: 5, 10]
Financial transactions are an important part of the travel industry, and blockchain technology can not only simplify payments but also secure them. The most important use of blockchain technology for payments in the hotel, tourism and travel industries. Payments are an obvious and immediate travel application, and progressive providers are already aware of the blockchain potential and are beginning to accept payments in cryptocurrencies. [Sources: 7, 12]
Blockchain technology promises to improve the transparency and security of transactions, which has prompted the tourism industry to experiment with the technology. It simplifies bank payments, secures transactions and enables companies to accept payments with Bitcoin and other cryptocurrencies. For tourism, blockchain has the potential to become a powerful combination of technologies that bring security and transparency at multiple critical junctures. [Sources: 3, 11]
Blockchain has the ability to change the way critical information is shared to prevent fraud and unauthorised activity in industries where the protection of sensitive data is critical, such as the financial services, government and healthcare. Blockchain technology can create a new topology of increased transaction trust and information transparency in an opaque environment where information asymmetries prevail and the relationship between brands and consumers dominates (Shah et al., 2006 ). Blockchain technology can also contribute to more trustworthy campaigns and customer-centredness. As more and more travel companies deploy technology that enables trust, more of it will lead to larger decentralized networks and consortia. [Sources: 6, 8, 10]
In recent years, the emergence of blockchains has generated enthusiasm and interest because of their potential, the way we store and use data and other sources of information. Blockchain technology has the potential to transform the way information and data are stored and used, increase transparency and security, and improve transactions. [Sources: 7, 11]
Blockchain will have a dramatic impact on travel over the next 5-10 years. It is one of the most discussed concepts of 2018 not least in the travel sector, where its development is being discussed as the future of distribution and security. Let us generalize the main opportunities for blockchain in the travel industry which are yet to be implemented or are still waiting for their pioneers to be implemented. [Sources: 0, 4, 12]
Stability and security come first, given the benefits blockchain technology offers to the travel industry. Given the many opportunities that blockchain offers, its introduction in appropriate forms could open up new opportunities for the industry. For travel and social engagement, it seems reasonable that blockchain-based travel platforms could take the form of social networks. [Sources: 6, 7, 9]
The Swiss travel platform Winding Tree2 has developed a public, blockchain-supported marketplace for travel inventories, hotel rooms and flight experiences. The platform allows suppliers to list their inventory and book agents on the platform. Bank of America, JPMorgan Chase, the New York Stock Exchange, Fidelity Investments and Standard Chartered are using blockchain technology to replace paper-based, manual transaction processing in areas such as trading and finance, foreign exchange, cross-border settlement and securities settlement. [Sources: 1, 5]
##### Sources #####
[0]: https://www.phocuswire.com/2018-review-2019-preview-blockchain-startups
[1]: https://hbr.org/2017/01/the-truth-about-blockchain
[2]: https://www.emerald.com/insight/content/doi/10.1108/JHTT-02-2019-0039/full/pdf?title=is-blockchain-tourisms-new-hope
[3]: https://tealfeed.com/blockchain-revolutionizing-travel-industry-b89c0
[4]: https://www.altexsoft.com/blog/business/blockchain-in-traveltech-how-startups-and-mature-players-strive-for-industry-disruption/
[5]: https://www.wns.com/insights/articles/articledetail/509/article--blockchain-in-travel-a-compelling-case-for-adoption
[6]: https://www.accenture.com/us-en/blogs/compass-travel-blog/how-blockchain-powers-frictionless-travel
[7]: https://www.revfine.com/blockchain-technology-travel-industry/
[8]: https://www.frontiersin.org/articles/500660
[9]: https://www.forbes.com/sites/forbesrealestatecouncil/2019/12/02/three-ways-blockchain-is-improving-our-lives-now/
[10]: https://www.ibm.com/blogs/blockchain/2018/02/top-five-blockchain-benefits-transforming-your-industry/
[11]: https://www.wearemarketing.com/blog/what-we-can-expect-from-blockchain-in-the-tourism-industry.html
[12]: https://www.linkedin.com/pulse/authenticating-travel-experience-tourism-blockchain-steve-wells
[13]: https://link.springer.com/chapter/10.1007/978-3-030-65785-7_2
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