The myriad of companies that are involved in a single customer’s travel plans is one of the main reasons why many people are excited about how blockchain can transform the travel industry.
Just as Bitcoin was conceived as a method for bypassing financial intermediaries, blockchain can help to improve the travel experience by letting customers interact directly with service providers. This process is already underway, with multinational corporations and technology startups developing blockchain solutions across a range of industry use cases.
5 Blockchain Use Cases in the Travel Industry
1. Decentralised Booking Marketplaces
As anyone who has booked any sort of travel online knows, the market is dominated by a handful of online travel agencies (OTAs). Even though these middlemen help customers to find the services they want, end providers, such as hotels, hate the fact that they are paying at least 15% in commission through these channels.
In a decentralised booking marketplace, these centralised entities are unnecessary, with service providers connecting directly to customers. Furthermore, the transparent nature of prices and potential fees within a decentralised marketplace can provide a better experience for customers.
Smart contracts could bring many efficiencies by serving as intelligent, automated, intermediaries for individuals who require them. Acting as an automated …