To begin with, after bitcoin revolutionized blockchain technology, many tech industry leaders started scrambling trying to figure out where this new technology might make sense. The banking industry started experimenting with blockchain tech first. Then, many other industries followed. Surprisingly, the travel industry seems to have the strongest grasp on blockchain tech, and by all accounts, they aren’t letting go. So, crypto technologies in travel industry is about a must today.
Since the internet became a common household utility, the travel industry has been fighting online travel retailers for dominance. The cost of flights, hotels, and car rentals has largely been a race to the bottom for all competitors. Unfortunately for the suppliers (Delta Airline, Hertz Rental Cars, etc.), they have had to foot the biggest bill. Not only do suppliers have to compete on price for their own products with companies like Travelocity, but they have to pay to manage those products as well.
Moreover, those management systems are costly, difficult to maintain, and prone to a lot of errors. Booking systems like NBX has started to change that, though. A blockchain based booking system ensures that all the data within that system is accurate. Likewise, everyone has access to it. This blockchain based system doesn’t require anyone to maintain it. It keeps providers from double booking by accident or losing bookings altogether. Because this system is so streamlined, it has dramatically reduced operating costs as well.
The travel industry hasn’t only utilized blockchain tech to change the way travel plans are made, but they can also better track rewards programs. Thus, Sherry Stein, a senior IT manager for Sita, advocates for the blockchain tech. She recently stated that if customers want to cash in rewards points from a loyalty program for airline miles, they can do that seamlessly.
Customers no longer need to wait for credits to validate in systems. With crypto technologies in travel industry , there doesn’t need to be any verification. Points are cashed in and all stakeholders are immediately notified and updated. Likewise, all systems are updated instantly, too.
By the way, the travel industry isn’t the only industry besides the finance industry to dive head-first into blockchain tech. For example, the logistics industry has also created blockchain ledgers that can easily track packages and shipments. Tracking and verifying packages have always been a point of contention in the logistics industry. Much like the travel industry would track travel bookings, logistics companies can easily keep track of packages and deliveries instantly among all stakeholders.
Also, there’s a lot of cross-over between the travel and logistics industries, too. Both must track flights and transportation amongst other things. That`s why, it becomes very clear why the travel and logistics industries are only just behind the finance industry adopting blockchain technology.