At this point, you probably already know how blockchain technology has evolved how we work or operate in the technological cosmos.

However, when it comes to the travel industry, many people are still skeptical about how it may phase in. And, if I’m being honest, they do have a point too.

I mean, after all, the world of blockchain is yet to be explored, right? Going forward, it may be beneficial for us as a whole. But, we can’t really ignore the disadvantages it comes with.

For example, blockchain technology, in essence, consumes quite a lot of energy, which might have adverse effects on the environment. Implementing the same can also be quite expensive.

Nonetheless, if you can imply it correctly, it can take care of a few pain points as well. Keep reading till the end to know more about the same.

Travel Industry And Blockchain - Making It All Fair And Square

In this section, I’ll talk about a few “diseases” of the travel industry and let you know how blockchain can cure them. Let’s get started, then.

Point - 1: Overbooking

In a blockchain-based ecosystem, a block of data will be created whenever you pay someone. It, in turn, can help prevent the practice of double-spending or overbooking to some extent.

Also, whenever you make payment through an application like quantum ai, it’ll keep a record of the same instantly. This might also stop you from spending on the same ticket again.

But, you should note it, though, - overbooking is a core revenue generation strategy of the travel industry. So, the practice must be made illegal before blockchain can purge it entirely.

Point - 2: Reputation And Identity

Through blockchain technology, you can accumulate and record the identity of the individual who’s traveling with you. Thus, it’ll be easier for you to keep data about their reputation too.

Now, if someone causes some sort of trouble while traveling with you, you can store the info accordingly. You may provide the same to the police to take legal actions against them.

Or, you might keep the information and use the same later to prevent the person from flying with you or your airlines again. It’s a win-win from every direction.

Point - 3: Fraudulence

Merchants who sell travel tickets independently tend to be considered high-risk owing to the number of chargebacks and refunds occurring in the industry.

But, in a blockchain environment, once you make a payment, you won’t be able to reverse it anytime soon. This can make it easier for you to spot and prevent fraudulent cases.

Additionally, blockchain can also ease PCI DSS compliance a little, which will be a huge help for people dealing with the travel industry.

Point - 4: Better Settlement

Besides, thanks to the lucid transformational system, blockchain technology can move money much quicker as well - no matter which wallet you’re using.

Additionally, in this aspect, you’ll not need to take the help of a middleman to see through the whole procedure. This can lower the overall cost of the procedure much efficiently as well.

Finally, with blockchain, you can make an instant settlement, transfer money in real-time, and perform continuous auditing efficiently.

Point - 5: Protecting Travelers’ Profiles

Blockchain is all about protecting everything from harm and ensuring that the available data isn’t getting leaked to a third-party or someone else.

Hence, if you’re considering protecting the profile of your traveler base, it’ll be the best way to prevent any kind of online thuggery.

Also, if you have the data of everyone, it’ll be easier for them to get service from you without creating a profile again. It can simplify the whole procedure even more.

Traveling With Blockchain!

In all honesty, when it comes to blockchain, the potential is definitely there. And, if you’re capable of implementing the same, it can surely make your customer’s life convenient.

However, the world of blockchain still has to go quite a long way before it can be integrated as the core of your system.

The flaws and issues available in the same must be mitigated from within. Otherwise, it might affect your data storage or profiling infrastructure.

Anyways, that’ll be all for this one. If you need more help or assistance regarding the same, don’t forget to comment below. I’ll answer them as soon as we can.