Blockchain and Travel

Blockchain is emerging as a powerful technological force that promises to change the travel industry’s status quo. Using blockchain in the travel industry has many uses. Below are the uses of blockchain technology in the travel industry:

• Transparency: Blockchain entries are immutable. Blockchain can provide a permanent record of the flow of money through the travel life cycle, bringing more transparency to the process.

• Settlement: Blockchain can impact the complex settlement process by automatically executing Smart Contracts and settling with both the buyer and seller within hours versus days.

• Loyalty: Blockchain may uncover new ways to utilize loyalty points seamlessly across vendors.

• Fraud: The blockchain distributed ledger helps to dramatically reduce fraud because a change to a single node will be identified quickly if it differs from the rest of the ledgers on the blockchain.

• Identity: The blockchain platform could be used to store a traveler's identity and enable it to be used across transactions.

• IoT (Internet of Things): Blockchain could be used to keep track of any asset, for example, a passenger's luggage or airline equipment at an airport.

• Overbooking: Blockchain's ability to prevent double spending could in theory remove the problem of double bookings in the industry.

• Policy: Blockchain could help the corporate travel industry improve its ability to track negotiated fares/rates, as they can be auto-executed by Smart Contracts.