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How can blockchain technology impact the travel industry?

Traveling these days can be a headache. From security checkpoints and canceled flights at the airport to lost reservations at our favorite hotels – it can be a nightmare. One clear way to cut through some of the difficulties, however, is to utilize the blockchain technology. Is it possible to track every step on the blockchain? From the first reservation made, continuing on through stepping out of the last cab home- are we there yet?

Let’s take a look at how implementing different technologies would create a more secure, faster, cheaper, pleasant and unique experience for the user.

AI in the travel industry

Today, when somebody goes online to book a hotel reservation, often times there will be a chat box available for the user to ask questions. This is an example of AI working in the realm of travel. When there is no customer service representative available these chatbots can obtain and filter information quickly, supplying the user with answers promptly. People want quick service without mistakes. In other words, these chatbots provide just that- a solution. The more information the chatbot communicates, the better it learns to correspond with people. Because a bot can work 24 hours a day 7 days a week without vacation, it reduces costs in paying for employees, thus saving the business time and money.

Intelligent hotels

Intelligent hotels have many benefits. Some hotel chains have even been implementing intelligent features in their rooms. How they do this is; the hotel collects information and preferences from customers such as the type of lighting they prefer, or how warm or cool they like their room. That information is then loaded into a database. This allows the customer to gain more control over their room, and what happens in it. There are hotels that even have intelligent conference rooms where a customer can order more plates or pens if needed.

Ron Galloway explains Hotel Intelligence and blockchain technology in the hotel industry here:

Wynn announced in the summer of 2017 all their rooms (4,748) will be equipped with the Amazon Echo. Allowing customers to interact with Alexa, they will be able to control their drapes, temperature, TV and lighting, along with personal requests. As of February 2019, Amazon announced that Alexa has released it has over 80,000 skills set world-wide.

Some to watch for

LockTrip helps customers find hotels using blockchain technology, totally cutting out the middle man, saving on average of 20%, providing the lowest cost for the customer.

Atlas launched in the summer of 2018 is a decentralized company to watch for this year. It is a Dapp that connects suppliers and consumers alike. It offers commission-free infrastructure to suppliers to list inventory. And consumers are completely accommodated to purchase event tickets or reserve a time at their favorite restaurant. They plan to launch the first half of this year by creating an exchange listing.

Arise Travel plans to use blockchain technology through a cache distribution of hotels and rates all in one place. Hotels set up the nightly rate, and their commission and all connected systems are able to use it at the same time. Through smart contracts, any service can sell that hotel room and make the commission.

In closing

In conclusion, blockchain technology is not as expensive as one may think. It is fairly affordable to implement. And by implementing this tech, it is impacting the travel industry by cutting out the middleman. Eliminating the third party and the supplier profits, blockchain tech can eventually pass some of the savings to the consumers. Companies that use or plan on using the blockchain will know their exact inventory available at all times. The many other benefits available are pricing integrity, validation of transactions and payments, securing customer data and borderless transactions, to name a few. This creates a safer experience for all. It is a win-win for companies and consumers involved.

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