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Blockchain at Service in Travel and Hospitality Industries
FREMONT, CA: In the fast-growing world where everything is digitalized, travel and hospitality industries are trying to adopt the new ways of business through technology. Hotel booking and reservation, which were earlier carried out manually at the receptions of the hotels are now being handled online, either at the time of checking-in or before the travel. The internet has been a major source for customers to compare the prices and websites of different hotel chains, cost-effective airlines, and shared accommodation services. In order to get a self-managed and independent tourism system, the companies are inclined towards the use of blockchain technology in their business.
Parasitic booking websites offer great deals to the customers for rooms but subsequently charge a higher commission to avail the offer, to which the company suffers from a service decline. To hold on to the profits, companies had to increase the cost of the rooms while reducing staff and rental prices. Companies around the globe have started utilizing blockchain technology in travel and tourism industries, and few of them have plans to generate a complete blockchain-based marketplace backed by government besides managing contracts with freelancing tour guides.
Blockchain permits consumers to interact with the retailers directly without any middleman with supreme privacy. The fixed security system of blockchain builds trustworthy payment gateways with encrypted data transfer methods. The companies can receive the transactions through an encrypted, unique private key that can be recorded each time without any interference of the third-party.
The negligible cost of blockchain encourages investments from technology companies where the customers can access it on smartphones to interact and avail ongoing rewards from the beginning. The traditional rewards get stagnant with less redeem ability over time, whereas through blockchain, companies can provide real money equivalent rewards with increment with time to their loyal customers.
Companies can be a part of the blockchain platform any moment and begin their trading services without any requirement of third-party. Moreover, the shared encrypted data made available to them will give them a scope to provide finer results and seamlessly maintain their customer privacy.