The travel industry can help in restoring the confidence of investors and companies to sail in the boat of blockchain technology. This domain is exceptionally suited to obtain benefit from this technology. Traveling involves itinerary, reservations, shopping, renting cars, finding activities, traveling routes and airports for which there is a requirement of currency exchanges. Here comes, the use of blockchain technology which can facilitate an easy transfer or payment of money with no hassles of currency exchange and risk of carrying too much of amount.
This advantage has been foreseen by a European-based company LockTrip which is going to offer the creation of the very first blockchain-based travel service. They have a tie-up with about 100,000 hotels and 1,500 vacation rentals across the world which also offers a discount of 20 percent as compared to other travel booking platforms in the market. This European travel agency is likely to add another 300,000 more hotels and 900 airlines to their portal by the end of January. Perhaps, this is nothing less than an amazing start for blockchain.
According to Smartereum, there are accommodations available on the LockTrip that has zero commission and a straightforward booking process for the client. It is pretty easy to use for even those who are not familiar with cryptocurrency, such users can use their credit cards for payment like any other travel platform. From the security point of view, it is far better from the basic version of travel industry as every booking gets locked in the form of a smart contract until it is checked out completely.
Blockchain And Travel Industry: What Is The Future Prospect?
The ongoing blockchain projects promised a lot many things but the deliverables aren’t that appealing and there is still infancy in the products and services, as mentioned by Forbes. Probably, that is why the travel industry is being looked upon as an area of gaining blockchain popularity again.