How Can Blockchain Revolutionise Travel?
Blockchain is one of the most revolutionary innovation to influence the marketplace and our daily lives. Even with its wide-scale application, 2017 has seen a large number of new companies emerge. But while this has led to the emergence of record levels of ICOs such as Telegram among many others.
Even with 2017 being a tremendous year, it’s the year that scratched at the surface of the technology’s potential. It shows that this technology can be applied in a remarkable number of ways, including travel. While 2018 sees companies looking at ways in which they can use the technology to disrupt. We look at how it can, in fact, revolutionise travel for businesses and by jet-setting people.
How Blockchain can revolutionise travel
Smart Contracts for supporting company policy
Currently, this area of the technology provides both a method of security for companies and consumers. But it also allows for a significant amount of outsourcing of workforces as blockchain does that work for many legal teams. Smart Contracts are capable of storing countless agreements securely, preventing any alterations from happening.
It’s not just its use in storing legal documents, but it can supercede programs like loyalty schemes. Allowing users to actively track their points over time with pre-made agreements between outside companies for spending points.
Preventing Fraud and foul play
If there’s any area of business where we prove the most shrewd, it’s in buying holiday deals. But even while customers have an eye for bargains, over $4bn in fraud occurs in this industry. It’s an aspect of travel that is still capable of trapping hapless consumers looking for a good deal.
Blockchain operates as an inviolable container of information, but also as a method of validating websites and deals. Acting as a bank of information, this technology is capable of searching and validating companies. Preventing what could be billions of dollars worth of fraud.
Countless volumes of data and information are stored using this system, streamlining and saving space. For customers, it’s the difference between needing numerous documents on hand for travelling and not. We’ve seen this with the application of facial recognition and biometrics instead of passports in airports like LAX.