Who are the leading innovators in blockchain ticketing platforms for the travel and tourism industry?
The travel and tourism industry continues to be a hotbed of innovation, with activity driven by greater consumer desire for personalized offerings that enhance the travel experience. Delivering this requires the collection and effective use of large amounts of personal data, which has significant cyber security implications. Technologies such as artificial intelligence, cyber security, the Internet of Things and cloud solutions are increasing in importance. In the past three years alone, there have been over 15,000 patents filed and granted in the travel and tourism industry, according to GlobalData’s Cybersecurity in Travel: Blockchain-Based Ticketing Platforms report.
According to GlobalData’s Technology Foresights, which uses over 21,000 patents to analyze the innovation intensity of the travel and tourism industry, there are 20+ areas of innovation that will shape the future of the industry.
Blockchain-based ticketing platforms is a central area of innovation within cyber security
Blockchain-based ticketing systems offer several advantages, especially in terms of security. Tickets are securely stored and linked to the individual buyer, and as they are on the blockchain, any subsequent transactions involving the tickets are also stored and logged in the database, significantly reducing the scope for fraudulent transactions and/or ticket scalping. . The blockchain ensures that there is an accurate log of all transactions relating to the ticket(s) in question.
GlobalData’s analysis also uncovers the companies at the forefront of each area of innovation and assesses the potential reach and impact of their patenting activity across different applications and geographies. According to GlobalData, there are 20+ companies, spanning technology providers, established travel and tourism companies, and new start-ups that are engaged in the development and application of blockchain-based ticketing platforms.
Key players in blockchain-based ticketing platforms – a disruptive innovation in the travel and tourism industry
“Application diversity” measures the number of different applications identified for each relevant patent, dividing companies into either “niche” or “diversified” innovators.
“Geographical scope” refers to the number of different countries each relevant patent is registered in, and reflects the breadth of geographic application intended, from “global” to “local.”
Temasek Holdings is one of the leading patent applicants in blockchain. It is a major shareholder in Singapore Airlines and has applied for six blockchain patents, the most notable of which seeks to protect a method of facilitating simultaneous blockchain transactions for multiple users in a transaction system that has respective user blockchain accounts.
A notable characteristic of blockchain patent activity is that many of the companies applying for patents are not directly engaged in travel and tourism themselves, suggesting that tourism businesses will use the services of specialist providers. GlobalData’s patent data shows that the likes of Rokfin and YellowHeart are among the leading files. The former has applied for patents related to the issuance and management of cryptographic tokens, while the latter has applied to protect technologies related to a distributed ledger to create an online ticketing platform for buying and/or selling authenticated tickets to live events.
To further understand the key themes and technologies disrupting the travel and tourism industry, access GlobalData’s latest thematic research report on Cybersecurity in Travel and Tourism.
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