Posted On : 17th July, 2018 by Mit Shah
Slowly and steadily various industries across the globe are planning to leverage Blockchain technology to grow, develop and achieve new business avenues. The blockchain is not that new name in the technology world and in the field of cryptocurrency it has already carved its niche. In a similar fashion, Blockchain has significantly influenced other industries who are ready to evolve in hand-to-hand with technology trends.
On the whole, Blockchain simply can be defined as the decentralized and an intact log which maintains the record of the financial transactions which possess value than just records of business expenditures. What more brings the opportunity to the table is that the invulnerable technology Blockchain can be very smoothly integrated with the Hospitality and Travel industry.
Many renowned Hoteliers and Travel Agency owners have adapted Blockchain tech and are bringing change in their business processes and methodology by implementing decentralized ledgers and cryptocurrencies. A number of platforms which are based on Blockchain Technology give their users an augmented experience in booking, reviews, etc.
The blockchain is in its development phase and has a reasonable expectancy to overcome and offer solutions for every issue faced by the hospitality and travel industry. Yet the systems built on Blockchain Technology yield better performance, and efficient solutions for the applications in Hospitality and Travel industry.
Further, the decentralized identity technology is extremely advantageous for storing and accessing the information and building a better association in the business workflows. Followingly these benefits for a business lead to better services for the customers.
In this blog, we briefly cover the role play of Blockchain in 2018’s successful emergence of Hospitality & Travel industry.
Earn better revenues
Hotels who adopt blockchain technology get more exposure among their customers. It allows the hoteliers and travel agency owners to present their catalogue of the properties on the web and ultimately is more visible to the prospects. Having distinct visibility on the internet eventually leads to earning better revenues.
With safe and secure transactions, blockchain offers seamless transactions. The transaction processing is very smooth as every bank account and worldwide currencies can be implemented clear-cut. According to experts, Blockchain is a blessing when resolving payments on a global level.
The decentralization of digital identities in the Blockchain database intelligible the booking system of the hospitality & travel industry. It automatically helps the guest to check their accommodation, do booking and even pay directly. Here in this case the middle-man gets removed and guest pays only the actual amount of his stay.
Blockchain lets the business owners efficiently manage the hotel industry data. This data, when shared with other relevant business, offers an enhanced customer experience.
Transparent supply chain
Big brands to keep up their reputation follows a franchise model where the supplies are of high quality. Blockchain maintains absolute transparency in supply chain domains and simplifies the entire process.
Loyalty Programs for users
Customers enjoy loyalty programs that offer rewards and points. In a digitalised way tokens are provided to the guests and are no fraudulent promotional schemes as such. In this scenario, the various domain of Hospitality and Travel industry become a part of Blockchain Tech and allows the travellers and guests to redeem their points.
Often a sensitive business, the hospitality and travel industry, when integrated with blockchain technology, defines an enhanced experience for the guest or traveller. The backend processes are more organized and secure the hoteliers and travel agency owners get more brand value.
Though this technology is in its development phase, the day when every hotel and travel & tour companies isn’t too far. For now, Blockchain technology has been geared up and in the upcoming time will take over the entire hotel industry.