We all have heard the promises of blockchain technology and how it would revolutionize each and every industry under the sun including the hospitality sector. But what is the truth and what is the progress being made if even made.
So let's break the Mirage, draw the curtains and look behind what is really going on. I assume you know what blockchain is and I would like to go straight to the topic at hand and discuss the core areas where the changes are taking place.
1. TRAVELLERS DATA AND BAGGAGE TRACKING
The hospitality sector involves a lot of guest information and belongings being shared and passed around among different entities involved. Blockchain tech really helps in the storage and accessing of such data thus reducing the probability of baggage losses and in turn improving the overall experience.
E.g. Companies like WINDING TREE are already working with Air New Zealand and Lufthansa regarding inventory tracking.
2. LOYALTY PROGRAMS ON BLOCKCHAIN
The loyalty points can be tokenized and can be used anywhere with even the option of cashing out. The security of blockchain and increased use cases for these tokens would surely help customers come back and get even more involved.
E.g Companies like TRIPPKI cuts the middleman and links the hospitality entity with the customer directly. The loyalty program uses TRIP tokens which don't expire and can be used in various ways even exchanged for cash.
3. IDENTITY VERIFICATION
Imagine a world where you don't have to constantly prove your identity while booking an International airline ticket, staying at Hotel or settling your bills. This is one of the biggest use cases for blockchain tech in hospitality sector.
E.g SITA (Société Internationale de Télécommunications Aéronautiques) which provide services to 90% of the world's airlines is already working in this space and is sure to make some heads turn in near future.
4. SECURE PAYMENTS
With the millennials out there in full force it's just a matter of time before hotels and airlines start accepting and implementing blockchain technology in their day-to-day operations. With the help of blockchain technology hospitality sector can greatly reduce their expenses by using a transparent, decentralized global ledger. With instant payments and extremely low fees due to the lack of middleman blockchain technology if implemented properly can revolutionize the hospitality sector.
CONCLUSION: The future for blockchain technology in hospitality sector looks extremely promising. The benefits and value it brings is already making the major players and concerned governments take notice, whether they allow it to flourish is the question which time will only answer.
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