When you go on vacation, you hope your luggage arrives at the right destination. Especially if you have to make another transfer and transfer your luggage to your new plane. But it can certainly happen that your luggage does not arrive or arrives too late. How can blockchain technology improve processes in the travel industry?
Blockchain and travel industry
Blockchain technology has the potential to revolutionize the travel industry by increasing transparency, security, and efficiency in various areas. Here are a few ways blockchain can be used in the travel industry:
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Decentralized booking platforms: Blockchain-based booking platforms can eliminate the need for intermediaries, such as travel agencies or online booking platforms, by connecting travelers directly with hotels, airlines, and other service providers. This can reduce costs for both travelers and service providers and increase transparency in the booking process.
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Secure and fast payment processing: Blockchain technology can facilitate secure and fast payment processing for travel bookings, eliminating the need for credit card transactions and reducing the risk of fraud. This can lead to lower transaction fees and faster payment processing times. Also, because there is no intermediary, the payment goes to the service providers directly without intermediaries holding a percentage of the payment.
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Loyalty programs: Blockchain technology can be used to create more efficient and transparent loyalty programs. Blockchain-based loyalty programs can help reduce fraud, eliminate the need for intermediaries, and provide real-time rewards to customers.
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Identity verification: Blockchain technology can be used to securely verify the identity of travelers, reducing the risk of identity theft and fraud. This can streamline the check-in and boarding processes, making travel more efficient and convenient for travelers.
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Supply chain management: Blockchain technology can be used to improve supply chain management in the travel industry by increasing transparency and accountability. This can help reduce the risk of fraud and improve the efficiency of the supply chain, leading to cost savings and better customer experiences.
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Enhanced data security: Blockchain technology provides a secure and decentralized way to store and share data, which could help protect sensitive traveler information from cyber attacks. This is due to the hashing technique used in the blockchain, as well as the digital signature used.
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Smart Contracts: Smart contracts are self-executing contracts with the terms of the agreement directly written into code, and they could be used to automate and streamline various processes in the travel industry. For example, smart contracts could be used to automatically process refunds for cancelled flights or to facilitate automated insurance claims for delayed luggage. In the code of the smart contract can be included that if the luggage is sent to a different airport than the original destination, the insurance can be automatically submitted with the insurance company.
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