No more traveling with unnecessary hassles. As one of the hottest technological trends worldwide, blockchain provides opportunities that are hard to miss. The advantages blockchain technology offers in the travel industry will solve common issues for travelers by enabling problem-free services and cost reductions in fees.
Many travel service aggregators have long overpowered the travel industry, creating a high barrier to entry for potential competitors entering the market. Thus, industry leaders tend to raise costs and prices for both service providers and customers when it comes to booking airfares and utilizing services.
Blockchain will not only prevent high costs and maintenance fees, but also develop a higher level of travel security for transaction and purchases. In addition, this technology has the ability to protect a traveler's personal and financial information. On the consumer side, service providers engage in direct contact without the use of third parties when implementing blockchain into travel booking and scheduling systems. With blockchain's decentralized system, transparency, and trust, travel plans benefit both parties.
Problem-Solving with Blockchain
Blockchain can combat common problems people face during traveling, particularly during peak seasons. A huge problem with long journeys, luggages and personal items tend to go missing and get mistakenly taken by the wrong traveler. Blockchain can combat this with an intricate tracking system, fighting fraud in for both luggage and customer loyalty programs.
Traditionally, major travel agencies overcharge customers with fees up to 25% and data gaps occasionally occur in the system that cause frequent delayed or missed flights. With rental cars, flights, and hotels bookings, blockchain can enhance the safety of information and transactions with its secure nature and immutable ledger, creating trust between all parties involved.
With easy access to transportation and traveling methods, more and more people have taken trips domestically and internationally. Blockchain will enable cost reductions for both service providers and customers. For example, Bee Token and Ozone have specialized in blockchain-based travel services, revolutionizing the industry entirely.
Built similarly to Airbnb, Bee Token offers a home sharing platform and deploys blockchain for better administration and safety for accurate customer ratings, transactions, and the network. Bee Token aims to provide a fair service to consumers by reducing unnecessary charges.
Their home sharing platform, Beenest, takes pride in requiring 0% commission fees from guests, whereas other home sharing platforms usually muster up a certain percentage that customers have to pay.
Bee Token provides a decentralized model to prevent the underrepresentation of customers who bring value and profit to the company. Without commission, both consumers and companies can establish a more positive relationship with fairness at hand.
Ozone is a blockchain-based travel booking system. Instead of using a third party intermediary, Ozone connects buyers and sellers directly.
Ozone assists in flight, hotel, and rental car bookings, but offers extensive services for flights. For example, customers can request for additional amenities such as extra leg room, special meals, and other options. Ozone also provides the opportunity for individuals to resell and cancel their plane tickets easily. Ozone's use of the blockchain system makes it so that data will never be tampered, deleted, or edited, preventing issues which data silos that cause major problems at airports worldwide.
As a growing industry, travel needs more innovative solutions for problems faced by consumers and service providers. Using a blockchain system adds efficiency and safety for all data and transactions in the industry. With blockchain, people will no longer have to endure missed or delayed flights, or lost or inaccurate hotel bookings because of data corruption and deletion.
Overall, people should have the right to enjoy traveling without any worries. Who needs a headache when you find out you have to wait another two hours at the airport for a missed flight, and it's all due to errors in the airlines’ data system?
Blockchain is going to change travel, but true innovation comes in many shapes.
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