Travel & Tourism is a key industry for economic development throughout the world, contributing over 7 trillion USD in 2017. In a more globalized world, our travel options are expanding continuously. We now have a plentitude of diverse travel and lodging options at our fingertips. The creation of online booking systems, coupled with the ever-growing use of smartphones, tablets, and laptops, has created accessibility to the travel and tourism industry that has never been seen before.
The e-ticket transformation took 15 years to be established by the airline industry. Legacy systems, which mimic paper-based tickets and reservations, dominate the majority of Travel and Tourism. With the widespread use of the internet, airlines and hotels have become vastly more accessible. Even though this helps, the widespread data distribution is still only available to a small proportion of market participants.
The transformational power of technology reshapes the way we live, travel, and even interact with technology itself. For instance, you can have an app in your pocket that allows you to keep track of trains and when to jump from the train to a taxi to help you to make it on time. In the near future, the taxi you took will be transformed into an autonomous vehicle and may even become airborne given the current path of rapid advancements.
Problems from the travel product providers’ perspective are:
● IATA or Airline Clearing House (ACH) dependency
● High commissions and transaction fees upon receiving and sending
● Barriers to expanding sales channel
● Trust and Traceability
● Currency Risk
Path to Solution
Blockchain as a distributed ledger opened the gates of opportunities for real-time online payment solutions. The adoption of this technology in the travel industry has always been on the digital currency side, giving us just another way of payment for our reservations.
We believe blockchain has paved the road for a new version of the Internet and doing business. Many different models are emerging in many different fields and are becoming increasingly popular