Blockchain is the underlying technology behind Bitcoin. While Bitcoin was created to be a digital currency that eliminates the traditional middle-men in money, many argue that Bitcoin-derived blockchain technology is the greater innovation of the two. Blockchain is essentially a distributed database to which data can only be appended, which means that historic data cannot be lost nor corrupted.
Over recent years, blockchain technology has generated significant excitement within many industries and fields. This is largely because it has the potential to dramatically change the way in which information or data is stored and used, enhancing transparency and security, while also improving transactions.
In terms of the advantages blockchain technology can offer within the travel industry, stability and security rank very highly. The decentralized nature of the blockchain means that information can never go ‘offline’ or be lost through accidental deletion or a malicious cyber attack, ensuring transactions are always traceable.
Blockchain, the distributed ledger technology, can bring in the seamless integration, agility and speed required between disparate systems as:
- It enables shared, simultaneous access to the same version of updated data across multiple players, while also enabling diverse points of data entry
- It embeds cryptographic protection and a transaction validation mechanism giving all stakeholders a level of trust and data protection not available with other technologies
- Transactions once entered into the digital ledger of a private blockchain can be moderated only by the owners, assuring the participants of the integrity and authenticity of transactional data
As blockchain gets tested and trialed, there will be advantages to the travel industry.
Benefits of blockchain in the travel industry:
• A decentralized marketplace equals a democratized market.
• A blockchain system is controlled by all involved and cannot be manipulated.
• Cost savings and increased efficiencies will be realized since intermediaries are no longer part of the process.
• Blockchain provides an immutable and secure payment and data transfer platform.
• The cost to set up a blockchain system is minor compared to setting up and maintaining a system such as Expedia.
• Blockchain could enable an easy-to-implement loyalty rewards program.
So, next time you travel are you transacting on the Blockchain?
Travel companies in Blockchain.
- WindingTree: Their vision is to decentralize the travel platform. WindingTree is still in staging phase and under development after they successfully raised enough funds for its development.
- CheapAir: CheapAir is not blockchain travel platform but they accept major cryptocurrency for hotels and flights booking.
- XcelTrip: XcelTrip is a decentralized travel platform fully crypto enabled platform. XcelTrip is fully functional up and running platform where you can book travel using Bitcoin, Ethereum, Binance and its own native XcelToken. XcelTrip is most probably the first fully functional blockchain based travel platform using blockchain technology.