Are you still stuck with the traditional approach of storing data and information? Well, not anymore! Blockchain technology has built up enthusiasm amongst industries and most businesses have inclined towards adopting the same. It not only enhances the security of data but improves transactions as well.
Did you know?
The blockchain market is likely to cross the $2.3 billion mark by the end of the year 2021.
Notably, the tech has been around for a few years now, but it never received the recognition it deserved. However, now blockchain technology has dropped a huge impact on our daily lives as well, even the way we travel.
How?
The emerging blockchain tech promises improved transparency and transaction security. Therefore, the travel and tourism industry came forward to experiment with the same. This is just the right place to know more about the impact of blockchain tech on the tourism industry, but before that, you must know what is exactly blockchain technology. So, keep reading to know more!
Understanding Blockchain Technology
In simple words, blockchain is a disseminated, transparent, and fixed database accessed publicly, where the information is stored in blocks interconnected to each other.
How?
In the same way, a train has numerous compartments connected, the stored information is paired in blocks in such a manner that the current block contains the hash code of the previous one.
Are you a part of the tourism industry and want to adopt new methods of tech for revolution? Now, that you’re familiar with what blockchain is, it might be a perfect missing piece of your puzzle. How? Here’s what you need to know!
Characteristics of Blockchain Tech
Blockchain-based tech is a framework that offers advantages to all industries, including travel and tourism. Here are the most notable characteristics of the recently boosted tech in the tourism industry are:
- Immutability
Blockchain uses algorithms that don’t let anyone perform alterations in the blocks. Therefore, the tech ensures that the data doesn’t undergo any changes. - Decentralization
As no individual has the complete power over modifying the information, the information is distributed via nodes, making it a decentralized pattern. - Data Security
As mentioned above, data is highly secured due to decentralization, making the blockchain-based mobile apps safer to use. The tech offers strong encryption, making it a smooth experience from the user’s end as well.
Blockchain Applications Useful for Tourism Industry
Below-mentioned are a few examples of blockchain applications that can be used in the tourism industry:
- Smart Contracts
These are the types of contracts that use blockchain to cut down the need for middlemen. Therefore, when it comes to the tourism industry, mediators like travel agents aren’t required, and so, the reduction of middlemen leads to decreased processing time and expenses. - Digital ID
The digital ID system enables the tourism operators to simplify activities and have all the information gathered in one place- digitally. - Cryptocurrency
Whenever visitors visit a new place, the exchanged currency needs to be carried for transactions. Therefore, it is simplified with the help of cryptocurrency as it acts as the virtual coins that can be exchanged anyplace, anywhere, anytime. Therefore, whenever an exchange is regulated, it is directly registered in the blockchain network.
Features of Blockchain App Development in Tourism Industry
Unquestionably, blockchain and tourism are just a perfect blend that the industry needs. It can strengthen the functioning of the industry by bringing a safe and transparent experience. Also, there’s no doubt that a few advanced features will be the icing on the cake. Therefore, the most interesting features that blockchain-based travel mobile app can integrate are:
Safe and Convenient Payments
There’s no better way than adopting the cryptocurrency framework for the blockchain-based travel mobile application. As mentioned earlier, the transactions will remain transparent and cannot be modified. Not only this, but the absence of mediators will keep any actions from delaying.
Another advantage is that the travelers will no longer have to carry physically exchanged currency anywhere they travel. Therefore, overseas transactions will become a highly convenient option. Sounds awesome, right?
Hotel and Transportation Management
Decentralized management enables smooth flow of information, available for access at all times. So, the travelers can directly coordinate with the hotel and manage transportation without seeking help from middlemen, exactly what customers need.
Business ratings
Whenever customers have to make bookings for their trip via a platform, their decision highly relies upon the reviews or ratings given by other people. However, there’s no certainty of who wrote them or how authentic they are.
Here comes the need for blockchain as it keeps the information transparent and has a massive role to play when it comes to achieving consumers’ trust.
Rewards System
Travel businesses can integrate the reward system in their mobile apps, which will convince the customers to opt for your services again and again. Hence, blockchain can head the process by giving an opportunity to the users to exchange their reward points with cryptocurrency.
Cost of Blockchain-Based Application Development
While estimating the cost for blockchain-based mobile application development, here are the factors you must consider:
- Complexity of the app
- Features integrated in the platform
- Development period
- Developer’s cost
- Project management tools
Wrapping up
No wonder, every industry or firm looks forward to introducing new methods or tech that’ll help their business grow. Therefore, blockchain-based technology is one advanced tech that can present transparency and build customer trust.
Have you started crafting your own blockchain-based tourism app development idea? If yes, wait no more and connect with a top application development company for further insights. All you need is professional guidance and you can turn your idea into reality. Till then, stay tuned for more