Blockchain Technology Set To Revolutionize Travel Industry

The year 2018 has been far from good for the crypto trade market, however looking at the brighter side, Blockchain technology has finally come out of the shadows of volatile crypto prices, to find its foot and wider acceptance. Various real-world use-cases of the technology have come up in the last year impacting some of the well-established traditional systems like the Healthcare, banking, and recycling to count a few.

The biggest beneficiary from the implementation of blockchain or decentralized network is Travelling industry. Airports in different countries have been at the forefront of promoting cryptocurrency use, with various payment option in digital cash.

How Does Travel industry Benefit from Blockchain Implementation?

The problem with any of the system is its centralization and following of old-age traditions of the corporate world. These systems are dependent on the mercy of a selected few at the top and middlemen have a monopoly over the beneficiaries aimed at consumers.

The current system is so flawed that, even for booking a flight, you have to involuntary use a third-party booking service, which charges the customer apart from the fare for the ticket.

Blockchain has been designed for putting these middlemen out of the picture. There is a direct interaction between the service provider and the consumer. If airports put their ticket booking on a blockchain network bound by smart contract, everything gets taken care of without any possible middlemen intervention.

Smart contracts can serve multiple purposes apart from cutting the middlemen. The service provider can set the contract on different parameters which may include automatic compensations in case of unsatisfactory services, flight delays, booking cancellation and possibly any other issues with the current system. Now, the consumers won’t get tangled in the painstakingly slow refund systems, would save a lot of time on email exchanges and standing in long queues.

Secure Payments & Incentivization for All

One major area of concern with the current system of online payments is security, where someone with enough technical resources can dupe companies and people of their hard earned money. With blockchain inserted into the picture, the safety feature increases multiple folds. The cryptography in payment verification would mean, that no one gets to see those transactions apart from the service provider and consumers.

Incentivization is another aspect which can see drastic improvements as the middlemen and corrupt do not let the beneficiaries reach to the deserving consumers.

Final Thoughts

It’s quite overwhelming for all the blockchain believers and hopefully Satoshi to see his concept of a decentralized world slowly taking shape. With Europe, and a number of Asian countries putting in the effort and resources in exploring different use case and implementation of Blockchain in the pre-existing systems.

The price volatility of the crypto trade market is still a concern and it will hog most of the limelight, but exploring and expanding blockchain technology would benefit in reducing the price volatility as well.