As Amazon’s Alexa and Apple’s Siri battle for dominance in hotel rooms, we are entering a new era of efficient communication and collaboration in travel. However, the most significant opportunities to transform the travel industry are around the widespread adoption of blockchain technology and cryptocurrencies.
As the digital transformation gathers pace, it’s clear that the travel industry is ripe for disruption. Upon entering an airport, we are immediately greeted with legacy friction points. Long check-in lines, passport control and a lack of communication are just the beginning of a series of frustrations that occur before boarding a flight.
Many believe that the travel industry is in need of a complete overhaul and blockchain could be the perfect solution to eradicate legacy problems. A blockchain isn’t just about securely moving information. Think of it as an open-source, distributed ledger or database that records every transaction.
When combined with a cryptocurrency token, there is an attractive opportunity to remove the financial middlemen that typically slow processes down. Blockchain technology enables businesses to work directly with their customers in an open — and most importantly, encrypted — ledger to reduce both settlement costs and time.
The perfect partnership of a cryptocurrency and blockchain is increasingly seen as a silver bullet for identity, security and fraud prevention. A decentralized record of transactions that cannot be altered by anyone also has the potential to transform the entire infrastructure.
Blockchain technology not only keeps your personal information secure, but it also resolves the problems of the current disjointed processes. Frequent flyers loyalty programs and luggage tracking can suddenly be seamlessly managed without all the hassle.
The management of third-party suppliers could be transformed along with the customer experience. From luggage and cargo handling to in-flight entertainment and insurance or compensation management, the entire process could be given a much needed 21st-century upgrade.
Sure, blockchain is still very much in its infancy, but only by understanding the technology that underpins cryptocurrencies and the art of the possible can you begin to protect your business from disruption in your immediate future.
Simplifying logistics, legacy processes and regulatory compliance will also bring some much-needed transparency to the travel industry. A change of mindset around getting smart with data, combined with new technologies such as biometrics all managed by blockchain, will inevitably deliver the game changer moment much sooner than most people think.
The time has arrived to provide a new vision for the future for both businesses and travelers that is fit for a digital age. We’re all familiar with the frustrating problems in the travel industry and the challenges involved. But technology is now ready to ease the transition and deliver a journey of change.
Tariq Alwahedi is a global entrepreneur, industrialist and business strategist with a focus on cryptocurrency and creating practical applications in the FinTech arena. He is the CEO and founder of CryptoBnB.