Crypto collapse will not kill blockchain, technology poised to revolutionize travel and tourism
The crypto collapse in recent weeks led to the bankruptcy of has been brutal, sending alarm bells ringing across the globe, warning investors and regulators.
Regardless of the scandal surrounding crypto, and the need to completely distance ourselves from it, we should not give up on experimenting with core technology architectures like blockchain and tokenization to solve real-world problems.
Blockchain as a technology is already widely used in sectors such as finance, entertainment, health and media. Over the next decade, it is poised to revolutionize many parts of our daily lives.
Simply put, blockchain is a system for recording information in a way that makes it difficult or impossible to change, hack or cheat the system. The digital record of transactions is decentralized, and the traceability and transparency provided by the blockchain makes the data incorruptible, irreversible, incorruptible and incorruptible.
Blockchain in travel and tourism
Blockchain can have various applications in the travel, tourism and hospitality sector across the value chain – from reservations, identity verification and loyalty programs to digital payments and inventory management. The technology can help governments and the private sector retain critical data and shape investment plans in the tourism sector. All of this will make travel more accessible to everyone and provide a safer and more reliable way for people to travel.
Blockchain holds promise for travelers, businesses and governments alike, as it can bring security, transparency and accountability to multiple critical touchpoints, apart from delivering a more seamless travel experience for the end consumer.
Increase transparency in the supply chain
Blockchain facilitates an open and transparent supply chain that allows businesses and guests to trace the origin of their products. Secondly, blockchain is also being implemented to guarantee a transparent booking platform, where there is an overview of all the reservations.
So guests can not only manage their orders in one place, but can also order directly from suppliers. This eliminates middlemen who charge high fees and therefore provides better savings for both suppliers and customers.
A good example of using this technology is Sandblock, which helps users maximize points collected through loyalty programs. Airbnb is another example of a company using Blockchain to strengthen its operational and service expertise.
Identification and seamless travel
Customer identification is crucial for the travel and tourism industry. Currently, travelers are required to present identification at several stages. Blockchain has the potential to transform the verification process and guarantee the authenticity of passenger information.
Baggage mishandling and loss is a common concern today, which can be greatly reduced by using blockchain to identify and monitor luggage. For example, Webjet uses blockchain to reduce the likelihood of mistaken or lost bookings, while Air New Zealand uses the technology to make the ticketing process less complicated and help prevent overboarding.
Cultural preservation and sustainability
Blockchain is also a natural fit for cultural heritage preservation by storing cultural records on decentralized databases. It can drive cultural tourism and increase income for host communities by working with local artisans to protect and revitalize artefacts, traditions and art forms that are in danger of being lost and share them with a new aware audience. The data is secured against any threats of conflicts, natural disasters and urbanisation, and is stored forever.
We can use the same system to ensure sustainability and avoid greenwashing because we can trace the entire circular economy without leakage or fraud. The possibilities of this technology to restore trust are endless.
Use case in GCC
Blockchain works much better in some situations than others, and no silver bullet or lifetime guarantees are offered. But it is increasingly gaining ground in the GCC region.
Blockchain is being implemented as a tool in many ongoing large construction projects to coordinate complex collaborations. This takes the form of converging fields as diverse as product design, which requires collaboration with engineers, architects, designers and suppliers, and logistics and transportation where you need to keep track of shipments and delivery.
With blockchain technology, all participants gain access to a single version of information, which is secure, transparent and traceable.
In another interesting implementation, there has recently been a push for organizations in the GCC to provide holistic wellness as well as training programs to employees. However, participation rates are not necessarily as high as they could be, and blockchain is increasingly being used to ensure that employees, who have benefits, actually benefit.
Blockchain is still a new technology, not widely understood by everyone, and there are looming questions about its scalability as well as actual use. The latest controversies aren’t helping matters either.
However, this is no different from the early days of the internet when it was simply brushed off as a technology experiment with little use. The tech bubble of 2000 and significant frauds such as Worldcom or Enron did not damage the eventual path of the Internet, and today we cannot imagine a world without it.
It is still too early to assess whether blockchain can change the world or make it green. But going forward, the question will be how blockchain will affect industries such as tourism and not whether.
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