Tuesday, May 29, 2018

Block chain

Blockchain has generated significant excitement in the Travel and Hotel Industry now these days. This technology has been heralded by many and is certain to revolutionize various industries, what impact will it have on the Travel Industry?

Blockchain, which functions as an online ledger, harnesses the potential to make the travel process faster, simpler and more secure. Its wide range of applications, and decentralized nature, challenges the traditional set-up in exchange for greater stability and security which serves to benefit all key players in the travel process.

What is Blockchain?

Blockchain is an online decentralized database. It stores, records and maintains transactions between entities across a peer-to-peer network.

The fundamental feature of Blockchain – decentralized data, ensures that transactions flow only between the participating entities, which negate the need for third party involvement.

The decentralized nature of Blockchain means that data can neither be erased nor manipulated. This translates to more secure, permanent, traceable and transparent data –in turn, decreased dependence on intermediaries. This means Blockchain has the potential to protect transactions against fraud, and malicious cyber-attacks.

Decentralized Distribution

The Travel Industry is currently dominated by a handful of companies that serve as umbrellas to numerous affiliates. In essence, when a traveler is on the look-out for competitive prices, he/she is nearly always comparing prices between two parent companies. This is where a public Blockchain domain can decentralize the existing set-up; provide greater involvement from suppliers and a personalized distribution process. But first, what is public Blockchain? A public Blockchain is an open network where anyone can join and participate.

Decentralized Transactions

In the current scenario, money travels from one point to another and then yet another when a flight ticket is purchased. This extensive set-up results in the loss of time and resources. In addition, surcharges and fees are levied that prove to be costly to all parties involved in the booking process. TLC (Travelcoin)has proposed its own  currency – TLC Coin, as the remedy to the transaction woes that the Travel Industry has been experiencing. Built on Blockchain technology, TLC Coin, a digital universal crypto coin for all airline transactions, would not only increase the speed of transaction, ensure transparency, and do away with surcharges; it could also be used for universal loyalty programs. This would provide travelers with the opportunity to avail loyalty programs such as frequent flyer miles irrespective of which airline they might be flying. TLC provides a detailed plan on how it intends on taking the TLC Coin further,
TLC have a clear road map of their projects
For more information refer.
Travelcoin.org

Decentralized Data Exchange

Data security has been a recurring issue in the present world. The recent privacy breach by Facebook and Cambridge Analytica stands to prove how real this concern is. This ongoing threat to personal data has brought data security to the forefront in the Travel Industry. Blockchain’s encryption capabilities, decentralized nature, and the fact that data is distributed across millions of computers and networks make hacking a challenging task.

Blockchain is a revolutionary technology that allows digital information to be distributed but not copied or altered.

4 possible ways how Blockchain will warp the travel industry:

1. Identity - The technology will provide customers a means of proving their identity without having to fear identity theft and data manipulation.

2. Settlement - This will push out the intermediaries and enable customers to pay directly to the suppliers.

3. The technology is built in such a way that the network, rather than a third party, validates every transaction made.

4. Traveller Profile - The technology also has full potential to improve customer experience by assessing visitor behaviour, rewarding loyalty points, and streamlining processes to make flight journey a pleasant experience.
www.Dxbtravel.mytravelbiz.com

UAE
Online Flight Booking in Dubai

Written by
Kishorsinh Dodia

Dxbtravel.mytravelbiz.com

Online Business Mytravelbiz

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