What is Blockchain Technology?
Although the blockchain technology may sound
confusing at first, it is really quite simple to deal with them. Ultimately, it
is a list of public records, also known as public accounting, where the
transactions between the parties are recorded or stored. Each record, known as
a "block" within the terminology of the blockchain, is secured by
cryptography.
One of the most important aspects of
blockchain technology is that the data is decentralized, with information
shared through a peer-to-peer network. Each block contains transaction
information and a timestamp. The blocks are also permanent and can not be
changed without the consent of the entire network and without changing all
subsequent blocks.
The decentralized, permanent, time-stamped
and unalterable nature of the data recorded in the blockchain means that the
data is more protected, accountable and transparent. After all, there is no
focal point of vulnerability or failure, and the data itself is opposing
modification and rejected manipulation.
In recent years, blockchain technology has
created great enthusiasm in many industries and fields. This is because it has
the potential to dramatically change the way information and data are stored
and used, enhancing transparency and security while increasing transactions.
Especially those where users would get advantage from the security and transparency
that blockchain would provide, such as the distribution of payments, financing
and the execution of contracts. Here, we take a closer look at the impact of
blockchain in Travel Industry.
1. Tracking luggage
Blockchain technology can be
notably valuable in tracking luggage movements, particularly when it comes to
overseas travel. In many cases, a client's luggage transfers hands several
times throughout their trip. The use of a decentralized database makes it
simple to receive the tracking data between companies.
2. Prevention of fraud
Consumers did hotel reservations through
websites and believed that it belonged to the hotel but it is actually operated
by scammers. Blockchain can be utilized to avoid such unfortunate scenarios and
support consumers to verify properties and vice versa. In addition, with the
documents and identities stored in blocks, travel merchants will not have to
manually verify the reservations that are marked to detect possible fraud.
Traveller information is securely available through blockchain and fraud
activities are significantly reduced.
3. Safe and traceable payments
Perhaps the most important use of blockchain
technology within the travel and tourism industry is relevant to payments.
Here, its applications can range from serving as a public ledger, making bank
payments simpler and more secure and enable travel companies to receive
payments using cryptocurrencies
such as bitcoin and other digital currencies.
4. Business Reviews
It is more common that we look at the forums
and read the opinions of the users when we travel; however, we can not always
confirm who wrote them or their accuracy. With blockchain, all the information
that appears on the network is public, reliable and secure, achieving greater
transparency and enhancing customer confidence.
5. Customer loyalty programs.
Normally, many travel companies conduct
customer loyalty programs, in order to encourage personalized return.
Blockchain can also help with these programs, clarifying the process, enabling
customers to more simply access information about their loyalty points and
enabling tokens to be distributed. It can also assist to fight fraud in this
area.
Conclusion
Blockchain and the capabilities it offers are
endless and the travel industry is just beginning to discover new ways to take
advantage of its capabilities. The changes will take time, but the first
drivers in executing the new tools and processes will be ahead of the package
and get the benefits of leading the industry. Many blockchain development companies assist
through robust blockchain solutions for several customers around the world
Fusion informatics is one of the top mobile app development
company in Dubai and continuously adopting new technologies coming into
the market. Our Developers has a lot of experience in Blockchain development, IOT development, Artificial intelligence development and delivered robust blockchain solutions and mobile apps to
different clients at affordable price.
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