More than a decade has passed since the first introduction and major adoption of both the first cryptocurrencies and the blockchain they are based on. Nowadays these two terms are widely recognizable and people generally have some ideas about them. Since more and more investors and enthusiasts appear by the day, more average Joes are familiar with what they are, what they do, and how the work. However, this is nearly not enough when we remember how little of the full potential of this technology is being used and where we would already be as a society if there was ever a mass adoption without the strict laws and regulations blocking the progress and the way forward.
Blockchain and cryptos are here to stay and that much is certain, but are they only to be used in finances and trading or can they change more than just the way people invest and look at money? Well, the technology has certainly been talked about and mentioned in many contexts and experts believe it can help in sectors like health or insurance. But in today’s article we will be focusing on the travel industry and whether or how it will change it for the better. If you wish to know more about digital currencies and how you can become a part of this market, and one day be ready to enjoy the benefits it has regarding one of the most lucrative industries on the planet in traveling, we highly advise you to check out bitcoinscodepro.com/login.
What is Blockchain?
In short, blockchain is the technology thanks to which we now have cryptocurrencies to enjoy and use. It is essentially a digital ledger of all the transactions of a given crypto which publically stores them in a single network. Every transaction is a part of a block which then forms a chain, giving it the now-famous name. This is a complicated process than people known as miners do using their high-end computers and mining rigs with expensive hardware components. The computers use the power they have by working around the clock in order to break the transactions into blocks and keep the ledger going. There is much more to be said and known here but for the general purposes this is more than enough.
The talk about how it works is less important than the benefits anyway, so let us not mention them. The biggest benefit of blockchain and cryptos is that they are not centralized. The decentralized nature means that no third parties like banks or governments control them, which further means miniscule fees, no taxes, and faster transactions. Regular money is constantly monitored by the higher powers of the world who have laws and regulations in place. Cryptos and blockchain do not. With them, everything is transparent, irreversible, and more secure. Another great benefit is the anonymity it comes along with since you do not need to use your personal or payment info in transactions, only your crypto electronic wallet code.
Blockchain and Cryptocurrency in Tourism
As with many other industries that rely on technology and a constant flow of money, tourism and digital currencies are a very powerful combination that can bring a whole range of benefits to the world. From travel agencies to airline companies, tourism would flourish even more than it could ever dream of if cryptos and blockchain were integrated into its existing systems. On the other hand, the leading virtual currencies would be even more famous, valuable, and usable, since people would have a very good reason to invest in them and spend them. In the next section we will mention he exact ways in which this amazing technology could be implemented into one of the most lucrative industries of all time.
1. More Convenient Payments
In general, every single payment that needs to be carried out will be easier, safer, and faster. The payments themselves would become traceable and transparent and there will be no chance of error or reversing of transactions. Best of all, nobody will be taking the cut for themselves in the form of third parties and intermediaries. Only you and the company who is selling you the service will be a part of the transaction, which would result in lesser fees, no taxes, and a higher level of trust between the customer and the business. Lastly, you cannot beat the anonymity, speed, and security of crypto transactions. These benefits will always be what pulls people towards new solutions since they make the whole booking and payment processes much easier and better.
2. Hotels and Transportation
The two integral parts of every tourist’s trip are the means of getting there and back, and having accommodation while there. Both of these are to be planned much in advance and paid for in full before you even arrive to the airport. The management and coordination of these two things combined with billions of people who want to travel and numerous date, package, and destination combinations is a nightmare for the regular algorithms, workers, and systems in place. It could take a longtime before a proper booking is available due to a mistake or an error, either human or technology related. Since experts believe that the blockchain tech can be adapted and used in various branches, there is no reason to believe it cannot help with the management and coordination of transport and hotels.
3. Reward and Loyalty Systems
Practically all airline companies as well as numerous tourist agencies reward returning customers and long-time members. Rewards in the form of free miles and discounts are and always will be fan-favorites and what better way to give them out or implement them than with cryptos and blockchain? Exchanging what you get from staying loyal to the same airline or agency for the most valuable cryptos is an amazing opportunity that should and probably will become a reality sometime down the line when these two industries finally meet.
4. Luggage Management and Tracking
Blockchain has the potential of tracking baggage location and giving us a clearer picture of the billions of bags that are traveling worldwide. The bags change enough hands and terminals to easily get mixed up and lost, so a technology like blockchain can surely help.