Think of blockchain as a \u2018new internet for the travel industry\u2019. Where we once thought the internet would be a fad, we are all now incredibly reliant on it for every aspect of our lives.<\/p>\n\n\n\n
Blockchain might as well be a revolutionary technology that could shape the future of travel\u200a\u2014\u200aespecially payment settlement and fraud prevention. Blockchain technology is, in its simplest form, a way to move information from one point to another in a highly secure manner. Blockchain permanently records transactions in an open, encrypted ledger that provides direct payment to sellers.<\/p>\n\n\n\n
The goals of Blockchain technology in the hospitality\/hotel industry is eliminating third-party costs and encouraging direct provider to consumer interaction. When used with the cryptocurrency Bitcoin, it essentially cuts out financial middlemen which results in a great investment potential for hotels to reduce the share of OTAs from the market and maximize their profit.<\/p>\n\n\n\n
\u00b7 Easier and safer transactions
\u00b7 More enticing loyalty programs can be designed
\u00b7 More net profit for the hotels and travel companies<\/p>\n\n\n\n
There are unlimited applications for Blockchain but here I will share two of the innovative ideas I found on the internet!<\/p>\n\n\n\n
Trippki has started to make use of Blockchain through the launch of its loyalty reward system. The service benefits from cutting out third-party involvement and provides a direct connection between hotels and customers. Customers are rewarded with native \u2018TRIP\u2019 tokens for staying at a hotel, or using hotel amenities. The TRIP tokens are recorded in the ledger, do not expire and can be used to book future visits, or can be exchanged for cash.<\/p>\n\n\n\n