Blockchain in Travel
The most dynamic and flourishing industry of the lot is the travel. To many first world and third world economies, travel and tourism have proved to be a revenue generating machine. Domestic and international travel acts as a logistic means for people. The travel industry in each country is controlled by a public or government body; sometimes private corporations own and operate the travel sector. The travel sector comprises of all means of transport from road, rail to water and air. The recent few decades have seen the growth and boom of the airline industry. With globalization at its most intense phase, travel industry help businesses move forward.
What blockchain brings to the table?
People who travel very often are accustomed to the challenges and inconveniences they face on regular basis like long wait time at security lines, verification of personal ID documents and overbooking issues. The challenges start even when we start planning for the travel such as booking issues. And then there are frauds that happen like fake bookings. The travel industry is hit by these frauds and rejections that amount to about $4.8 billion every year. Blockchain can resolve a lot of these issues, for consumers, for travel merchants, and for governments who are obviously deeply involved in security aspects of travel. Here are just a few uses for blockchain in the travel industry.
The Key features include:
- Traveller Identity management
- Smart contract integration
- Payment for services
- Booking error redundancy
- Fraud prevention
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