There’s much commotion when it comes to the risk of exposure to cyber breaches, compelling travel agencies small and big to invest in cybersecurity measure. It is therefore crucial for the industry to manage the security measures holistically to keep up with the speed of the development of online travel. They also need to work towards the development of more state-of-the-art technologies. One technology which is getting industry attention is blockchain technology.
Considering Blockchain Technology
The term blockchain is not the deepest word even for the tech-savvy millennials today. Blockchain tech is the outcome of years of cryptography and security research. What made it of massive interest is that Bitcoin isn’t a fiat currency governed by a state or country. Plus, the principal technology involved is known as blockchain. This new technology is most intensely utilized in the sector of cyber security; transforming the space of financial services.
How Safe is Blockchain Technology to Execute in the Travel Industry?
The transparency is almost 100% as the blockchain databases are distributed amongst a hundred thousands of computers. Nonetheless, it’s essential to know that institutions hold the privilege to shut down private blockchain anytime. That’s true particularly those who handle the nodes. Still, public blockchains can’t be controlled.
The blockchain is distributed over a plethora of computer, which nulls the possibility of hacking. Further, there’s continuous check of validity in the nodes, which makes it even more complicated for the hackers to meddle with the security of the technology.
Is There a Chance for Blockchain to Rule the Travel Industry?
Blockchain technology is already showing its value when it comes to transparency, simplified process, data security, and logistics. The main reason for adopting blockchain in the travel sector is for its complicated and fragmented structure. Determining the source when fraud occurs and protecting the customer payments online are two of the main issues for many travel providers. Thus, blockchain technology is a considerable portion of identity management.
The Use of Blockchain Tech in Hospitality
Blockchain as well its application that includes Bitcoin and Ethereum are known to be vast disruptors of the status quo for many travel service distributors. That’s because existing travelers want to vocalize their personality, mood, and style along with spot-on suggestions. Blockchain has the power to cuts out the third party. That would denote that the hotels will only pay fewer transaction costs on bookings. Another aspect where the technology can help hotels, especially big chains is in linking multiple systems more safely and effectively.
For instance, XinFin (XDCE) can disrupt the travel sector with their hybrid blockchain technology. Their hybrid blockchain offers infrastructure to ease domestic and cross-border transactions wherein various entities around the globe can connect and contract with everybody through XDC tokens as well as smart contracts. Therefore, it eliminates all geographical limitations and barriers of currencies, and so on. Their XDC tokens can be liquidated via authorized exchanges hence opening up the worldwide markets for everybody.