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CIO Applications Weekly Brief

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Editor's Pick (1 - 4 of 8)
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The Changing Dynamics of Customer Delivery Model

The Changing Dynamics of Customer Delivery Model
Kevin Vasconi, EVP & CIO, Domino’s Pizza

Which Technology Best Suits the Hospitality Sector?

Which Technology Best Suits the Hospitality Sector?
Jessie Burgess, Executive Vice President, CIO, G6 Hospitality LLC

Four Fundamental Lessons for Building a Culture of Innovation and Success

Four Fundamental Lessons for Building a Culture of Innovation and...
Walter Carvalho, VP & Corporate CIO, Carnival Corporation

Revamping the Travel and Hospitality Sector

Revamping the Travel and Hospitality Sector
Michael Marino, Svp & Chief Experience Officer, Caesars

Elevating Hospitality to the Cloud

Elevating Hospitality to the Cloud
Dr. Peter Agel, Global Segment Leader Hotels, Oracle

Hotels Stay Healthy With Technology

Hotels Stay Healthy With Technology
Brian Shedd, CSMO, OpenKey

Hotel Distribution and the Superfast Changing Landscape of Travel Tech

Hotel Distribution and the Superfast Changing Landscape of Travel Tech
Kurien Jacob, Principal, Highgate Ventures

Limitless Service with Limited Resources

Limitless Service with Limited Resources
Tim Thilleman, Director of IT, Inn at Perry Cabin by Belmond

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Blockchain at Service in Travel and Hospitality Industries

By CIO Applications| Thursday, May 30, 2019
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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.

Check out: Top Travel and Hospitality solution Companies

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