Blockchain in a quest to change the travel industry
The technology, blockchain will change the method of doing business in the upcoming years. The speed, accessibility, and security of the technology is an ideal for the travel industry. Personally, visiting any travel agent to book your ticket, has already become a past story as the online industry is gaining popularity.
The travel industry needs an innovation that will reduce the cost and enhance customer satisfaction. The much technological company has entered the industry, but they are more focused on increasing revenue. But the industry needs something that eliminates the middleman, secures passenger information and prevent overbooking. Here blockchain comes into play.
Online payment has improved its security over the past years. But still, the industry is facing losses because of the fraudulent transaction and scams. The basic benefit of blockchain technology is security and traceability. It is decentralized that means the information can never be deleted. Thus, helping inconvenient international payments.
The travel industry remains busy throughout the year, but it becomes busiest. So, the chances of overbooking become obvious. Blockchain can help in such situation by preventing overbooking by offloading the passenger and then taking the new booking. By incorporating this technology, the industry will surely improve on its pain points.
Identity verification plays a significant part in the travel industry. Blockchain will definitely help in this, as it already known for providing users digital identities. If it is used properly, it can improve the work efficiency of the airport and will make the customer experience pleasant.
The blockchain technology can also be used to make the baggage tracking service hassle free. Mismanagement of luggage can be a big headache for the travel industry as it can cost them huge money a year.
the industry can use a distributed ledger to share ownership details within the airport and between various airports. Share the data records with key personnel and keep track of the baggage throughout the journey.
The adoption of blockchain technology in the travel business can remove many pain areas that the industry is presently facing. This can save the industry from losing millions of dollars each year. The technology can even provide the customer with frictionless travel experience by lowering the cost and enabling timely communications. Blockchain can make a huge difference in how the industry works today. It can change the travel industry.