How blockchain will change the travel industry?
People are so much excited about how blockchain technology can transform the travel industry. Blockchain is a technology that can improve the traveling experience by allowing direct interaction between service providers and customers. The process is already underway and blockchain is going to revolutionize traveling very soon.
Let’s discuss Blockchain use cases in the travel industry:
Blockchain for identity services:
All sorts of different parties need to track the identity of travelers, but it is also important to give access to this information none more than those who are responsible for the security of transportation and national borders.
Tolga Akcay has introduced the concept of digital visa and passport, keeping all these things in mind. Exvisa is the latest technology that will digitalize passport and visa and redefine traveling and boundaries more effectively. Exvisa will reduce the paperwork, possibilities of illegal traveling documentation, and will provide ease to the immigration control authorities in the process of immigration, emigration, and relocation. To secure the data Tolga Akcay has used transparent blockchain technology. With the help of this technology online visa and passport information of an individual will cryptonize before being part of any blockchain. This blockchain visa and passport will have highly secured data that will be almost impossible to hack, but at the same time, it will facilitate the concern authorities to get quick access to that data. Exvisa and blockchain is the combination of innovation with security by Tolga Akcay to assure a safe and secure traveling experience for travelers.
For matters related to insurance can be easily handled by using blockchain technology. The insurance industry has to deal with high-quality data with the competency of smart contracts to automate decisions depend on this information. When a claim against travel insurance policy becomes irresistible, within a decentralized network a smart contract uses data oracles and spots the eligibility of claim, and pays out automatically.
Multiple parties handle luggage as they transport bags one to another, including airline, security, airport, and ground staff that is why lost luggage is a big issue for airline companies and customers. With the help of blockchain, a transparent and decentralized network for luggage items is possible.
The online traveling industry is being manipulated by online travel agencies (OTAs), who work as middlemen and get a minimum of 15% as commission. Blockchain can decentralize these market places where customers can contact directly with service providers without these unnecessary centralized entities. It will be a great experience for customers to enjoy the transparent nature of potential fees and prices in a decentralized market place.
Many kinds of loyalty schemes for hotel stays, air males, etc. are already playing an active role in the travel industry. But this small set of rewards is pretty much restricted and limited for travelers. To enhance the transparency, exchangeability, and security of these rewards providing digital tokens is an excellent opportunity. All these schemes can become so much appealing to customers when these will transform into a decentralized network of value and the rewarding program will tokenize. As a result relative value of the scheme and offered rewards would become comparable.