Travel Will Never Be the Same
Exploring the blockchain revolution in travel.
Barbecues. Long hikes. Longer days. Bare summer bodies at festivals, the beach, the grocery store. Pretty flowers at the turn of every street. Vacation pics on Instagram.
It’s officially summer! (well, except you’re somewhere like Nigeria, where it almost always is).
We’ve explored the role blockchain plays in healthcare, music and even artificial intelligence (AI).
So what could blockchain possibly do for the travel industry? What advantages does it offer over traditional systems? Are there any real-world examples of these already?
Your guess is as good as mine.
How is blockchain used in travel?
Blockchain plays several roles in travel through the entire life cycle, from booking to landing.
More ubiquitous through online services and apps, using an agency to make a travel reservation seems the easier option. Until it’s not. Sometimes, it makes the process more expensive or uncertain, especially in cases of cancellations. So what if this could be avoided by choice? Because although there are valid reasons why we might use third-party platforms, a major one is convenience.
Blockchain provides a peer-to-peer model that allows travellers to interact directly with service providers in a decentralised booking marketplace. Indeed, thanks to smart contracts, tasks such as confirming bookings, payments and even refunds can be automated. There’s no need for a middleman, which delays the process.
Because if you’ve also ever known the pain of paying the high fees for a plane ticket only to have the transaction bounce, hanging somewhere in thin air, neither with the bank nor the airline — this is for you. In addition, blockchain via crypto ensures the transparency and reliability of payment transactions.
There’s also the secure storage of traveller data on the blockchain. You might not immediately realise, but an obnoxious amount of personal information goes into travelling. Whether it’s from our passports or whatever form of valid identification. Blockchain-based platforms can streamline identity verification processes. Travellers can securely store their personal information on the blockchain, allowing service providers to access and verify their identities without sharing sensitive data.
Blockchain technology can even be used to track luggage to prevent losses.
So with scalability and mass adoption issues, to name a few, is this integration possible? These companies below think so.
What are some examples of blockchain travel companies?
Take Travelport, for example. In 2018, they partnered with IBM Technology to implement blockchain into their operations.
They developed Traveller ID in collaboration with IBM to improve the security and efficiency of the identity verification process for travellers. By storing this info securely on the blockchain, they helped travellers to manage their personal info while maintaining data privacy.
But if this is the plant, an ecosystem such as Camino Network is the full-blown tree. Trusted by over 140 industry leaders, including the airlines Eurowings and Lufthansa, Camino sets the stage for a range of web3-enabled travel apps and services.
Here’s a quick run-down of what they do: by using the Camino token, the platform is tailored specifically for the travel industry. One of the ways this is achieved is by leveraging blockchain technology to create a more refined data management by non-fungible tokens (NFTs). With NFTs, details such as flight pass etc, can be stored in a decentralised manner as a unique digital token.
With blockchain and travel, there remains a lot to be seen and done.
But I guess it’s safe to say: the next frontier of travel is taking off. Strap in!
🟣 Pick of the week!
The World Health Organisation raises concerns over AI? Um okay.
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