Blockchain is changing the way we do business and how we interact with each other. It’s speed, security and global accessibility are ideal for the travel industry which is predicted to hit the trillion dollar mark by 2022. Hotels, airlines, car hire companies and vendors with online bookings are expected to dominate this market. Visiting your travel agent in person may become a thing of the past as online travel agents have started gaining a greater share of the market.
With this rapid growth and evolution in mind, the travel industry needs an innovative solution that will decrease operating costs and increase customer satisfaction. Whilst many technology companies have entered the travel space recently, the problem is that they seem focused on maximizing their revenue from hotels and airlines.
For the travel industry to really thrive, they need a partner who will not disrupt business operations, but actually work positively with the industry. This is where blockchain comes in. As an innovative technology solution, blockchain will help lower operating costs and make the travel industry more efficient in numerous ways.
Better Payment Security
Where blockchain can really benefit the travel industry is in increasing the security of online payments. Whilst the digital payment space has improved a lot in the past few years, scams and fraudulent transactions are still costing the travel industry billions of dollars each year.
As recently as 2015, statistics suggest that fraud on credit card payments cost the industry over $16 Billion. For the travel industry to truly progress to the next level, it must adopt innovative technologies that will guarantee security and protect its consumers.
A primary advantage of blockchain is that it is decentralized. This means that it is impossible for the system to go offline, meaning that information will never be lost or deleted in the event of an attack.
Transactions using blockchain are always secure and traceable. Subsequently, this ensures storing and retaining important information much easier. Practically, blockchain can be used to facilitate instant and convenient international payments. While also allowing various travel companies across the globe to accept cryptocurrencies as a form of payment.
Improved Travel Hospitality
Blockchain would make it exponentially easier for hospitality companies in the travel industry to operate. A practical example would be loyalty programs centered around air miles, hotel rewards points, etc. Not only would blockchain provide customers with easier and simpler access to their information, but it would also significantly reduce the rampant fraudulent activities that exist in this space.
Moreover, blockchain would immensely improve the efficiency of hospitality in the travel industry. At this time, customers have to separately book flights, hotels, tours, and activities, etc. with different companies. This can be quite the hassle and actually puts a lot of people off planning long holiday trips.
Blockchain would be able to effectively integrate all of these different services. This is a game changer in the sense that it makes it much more convenient for consumers to book holidays themselves. It will also improve customer protection and reduce the need to hire travel agents that are notorious for overcharging.
Efficient Identity Verification
The travel industry is extremely reliant on the use of identification services and blockchain would excel in this regard. It has all the makings of being a very effective way of providing travelers with digital identities. Assuming it is used correctly, it could significantly improve airport efficiency and would, in turn, make the customer’s experience more enjoyable.
Blockchain technology could easily be used to reduce check-out times and the length of queues in airports. Similarly, documentation such as a passport and driver’s license can be replaced by facial scans or fingerprinting. This would dramatically reduce crimes such as identity theft and immensely improve the reputation of the travel industry in the process.
Improved Air Travel Efficiencies
Blockchain has the potential to have an immensely positive impact on air travel. It could be used to effectively streamline and coordinate the entire process. Hence, reducing the occurrence of inconveniences such as flight delays as well as inaccurate arrival and departure times.
Similarly, it could prove extremely beneficial for tracking the movements of luggage, especially on long international flights with multiple changeovers. Lost luggage costs the travel industry and its users billions of dollars each year. A decentralized database such as blockchain would make it much easier to share tracking data between the various airports involved.
Global Travel Stored Value Token (GTX)
The Global Travel Stored Value Token (GTX), has the potential to be a game changer in the travel industry and improve upon all of its current problems. It seeks to disrupt the current state of hospitality and rewards offerings by providing a new global cryptocurrency for the rewards travel sector.
This will be done primarily by reducing the virtual credit card system between online travel agents, hotels and airlines. This will benefit both customers and travel hospitality companies by transitioning from a variable model to a fixed cost per transaction model.
Moreover, GTX would effectively speed up the payment settlement process, making it more efficient and cost-effective for all the parties involved. Lowering costs will improve the overall bottom line for both agents and suppliers who can then pass this on in the form of savings to consumers.
This ecosystem will result in a plethora of benefits for the travel industry. First and foremost, it will significantly reduce the costs associated with travel-related transactions. Similarly, it would completely eliminate the 0.6% global rate of card fraud which currently costs businesses in the travel industry billions of dollars each year.
At the same time, GTX has the goal of engendering loyalty by implementing reward structures that benefit agents, consumers, and suppliers. GTX has the makings of a powerhouse that could revolutionize the travel industry. This can be achieved by lowering costs and providing efficient and timely transactions. If we see blockchain technology take off in the travel industry, it won’t be long before we see other industries adopt this incredible technology.
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Are Blockchain Casinos on the rise?
Over the years, the online casino industry has gone through many changes with new technology allowing for better payment methods and software on the sites. One of the newer additions to online casino sites is blockchain and sites that use this.
Here, we are going to discuss whether we think that blockchain casinos are on the rise or not. Keep reading if you’d like to find out more about these casino sites.
What Is A Blockchain Casino?
Blockchain technology is essentially a system that allows digital information not to be copied when it is being distributed. This technology originally started out as a method for Bitcoin which is a cryptocurrency and now is present in many online casinos. Blockchain was first invented in 1992 and since then it has come a long way.
A blockchain casino is a safe and secure casino that uses this special technology to pass the information on. There are many new casino sites that are already using blockchain technology but is the number of these still rising?
Why A Blockchain Casino?
You might be wondering about the advantages of blockchain casinos and why many casino operators are making the switch to this technology. The main reason for this is that there are many advantages to using this technology. Firstly, there is more transparency and trust and there is also a reduced risk of fraud.
This is something which is very important to many players at online casinos as they want to make sure that they are not passing their details onto a company that is going to sell it on.
When a casino uses blockchain technology, they can also allow players to make payments with cryptocurrencies like Bitcoin which are becoming even more popular in recent years. Of course, there are many other advantages of using a blockchain casino both for the player and the operator. For this reason, we have seen a rise in the number of blockchain casinos online right now.
Issues With Blockchain
There are some minor issues with blockchain casinos that operators are working hard to resolve as soon as possible. The fact that it is new means that there are some general infrastructure issues and the transactions can go through a lot slower than some players would like. Of course, these issues are set to be resolved sooner rather than later.
The Rise Of Blockchain Casinos
From the research done by companies interested in blockchain casinos, it is clear that these casinos are on the rise. In the first quarter of 2019 alone, there was $1 billion of TRON cryptocurrency gambled online. This is a lot of cash and it shows that players are not afraid to try out this new type of casino when it comes to spending their own cash.
Research also suggests that this income came from over 432,000 users which are a lot more people than it would have been in the past when this technology was first invented.
Of course, it is also important to note that the online casino industry is growing at the same time as the popularity of blockchain casinos. It is expected that the online casino industry will earn more than $50 billion this year which is a lot of cash.
With more people playing online in general and the technology improving so much – it is expected that blockchain casinos will become even more popular as time goes on.
It is clear that blockchain casinos have been on the rise for a while now and they don’t plan on stopping any time soon. As the technology gets more advanced and players can be sure that their details are going to be kept safe, these casinos are set to become even more popular.
On top of this, online casino regulators can rely on technology when it comes to ensuring casino operators are sticking to the regulations. Look out for the rise of blockchain casinos as time goes on and more casino operators start to make the switch to this technology.
We expect more payments being allowed in Bitcoin form as well as the other cryptocurrencies that are gaining a bit of momentum right now.
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