The blockchain Technology, a Peer-to-Peer service for Bitcoin and other plenty of digital coins approaching into the enterprise very rapidly. The system is not useful only for the financial transaction purposes but also delivering a secure record keeping for different digital exchanges.

This is particularly useful in the travel vertical that is fully loaded with data interactions which are spanning from booking on a web portal to schedule airline seats, cars/cab renting and hotel room distribution. With the decentralized ledger technology like blockchain, a travel industry can get the high degree of confidence about the data approaching from different sources such as consumer, any internal system or business partner is precise and authorized.

Let us look at some of the current projects in travel:

• Digital Transformation in Airports is utilizing Biometrics as well as Blockchain Technology.
• Travel booking website Webjet has established a blockchain proof-of-concept resolution with Microsoft that can revolutionize the way an entire travel sector manages online payments for hotel bookings.
• TUI Group is considering to move their all data to Ethereum to reduce the need for middlemen like Expedia and Booking.
• S7 Airlines has partnered with Russia’s Alfa-Bank has launched an innovative blockchain platform to accelerate settlement times among airlines and agents. The private blockchain is built on the Ethereum protocol, through which the data exchange during payments among contracting parties is systematized via smart contracts.
• Innfinity Software Systems will utilize the Blockchain technology to make their online booking tool Innfinite proficient of offering NDC content. Their solution is established on a private implementation of Ethereum.
• Travel seeks ways to adopt blockchain.

At present, there are numerous organizations in several sectors of the travel vertical which are showcasing that platforms do not need to extract value to be valuable and profitable. These evolving solutions have formed their tokens, currencies, and in some cases presented blockchain to create systems that aid each stakeholder in the equation.

Here are some potential usages of blockchain in the travel Industry.

Payments would be More Secured

Possibly the most important usage of the blockchain technology within the travel and hospitality industry is regarding the payments. A distributed ledger aids to make bank payments simpler, traceable as well as secure. It is also enabling travel organizations to accept payments through different crypto coins such as Bitcoin as well.

Quick Identification of Customers

Services regarding customers’ identity are very essential for travel vertical. The blockchain technology can aid to store identification data with great security in its peer-to-peer system. This decentralized technique has the potential to lessen the time needed during check-ins significantly, queues in airports, etc. just because a fingerprint or retina scan is replacing the need for physical documents.

Easy Luggage Tracking

The distributed ledger technology can be beneficial to record the movements of luggage, specifically while travelling on an international level. In plenty of cases, luggage of customers goes with different hands multiple times throughout their trip. With the use of a decentralized database sharing of recorded data among different companies would be very easy.

Smart Contracts

The blockchain is already utilized to strengthen recording of contracts among businesses. So different parties are not able to change the terms and conditions regarding contracts. Travelers and travel merchants store every transaction, loyalty programs as well as traveler ‘points’ within the blocks. Airlines, hotels and booking agents remain doubtless about payment to whom and when.

Simplify Customer Loyalty Schemes

There are many organizations which are running schemes for customer loyalty to inspire a custom return. The blockchain technology can help them to manage the programs by streamlining different processes. It enables customers to effortlessly access information regarding their loyalty points and letting tokens to be distributed.

Prevention from Fraud

In the previous year, 55 million of customers booked a hotel via websites they believed to belong to the appropriate hotel, but in reality, were functioned by fakes. The overall amount of such deceptive bookings was $6 billion. The blockchain technology can be utilized to escape from such situations and aid customers to authenticate different properties. Travelers’ information is safely available via a distributed technology and reduces scam meaningfully.

Along with these overall examples of the way blockchain can assist to revolutionize the travel and hospitality vertical, here are some more precise examples of the technology which is utilizing already, like:

• LockChain: Functions as a direct marketplace for different hospitality organizations which are searching for rent out the property. This platform contains payment, management of the property as well as numerous other features of the booking procedure. As it utilizes distributed technology, there is no need of middlemen and no existence of commission fees.

• BeeToken/Beenest: A home-sharing platform where the blockchain technology is utilized to keep consumers linked with hosts; so that they can manage and do pay for their stays. It keeps payment safe without any commission.
  
• Winding Tree: The best example of luggage tracking with the use of blockchain technology. Additionally, it comprises booking elements also. The lack of middle authority makes it more secure and traceable with high transparency.

• ShoCard & SITA: A platform for decentralized customer identification management. It is utilizing a standard format to enable travel organizations to authenticate customer’s ID with rapid speed and fewer efforts.
  
• Trippki: The customer loyalty reward system with the use of blockchain where hospitality organizations and customers are linked directly. Suitable customers would get allocated with “TRIP” tokens to stay in a hotel, and these tokens are get stored in the distributed ledger. It means those tokens do not have an expiry date and can be utilized anytime.

• TUI Bed – Swap: TUI has launched its in-house project using the blockchain technology called as ‘Bed-Swap’. Now the company is able to move inventories among several points of sale as well as make selling margins flexible in reality on the basis of demand level present at that time.

The Bottom Line

Traveling would be relaxed, cost-effective, and enjoyable. While charges, booking misdeeds, negative reviews as well as long lines may be symbolic of the existing travel environment. The blockchain is stimulating this scenario with plenty of new solutions outlined to streamline the travel experience. All credit goes to the creation of more reasonable ecosystems assembled to decrease the existence of mediators, travelers and service providers. It can form more equally pleasing relationships that deliver improved overall worth.