Blockchain gradually gaining acceptance in travel industry

Published on : Tuesday, January 7, 2020

Blockchain is disrupting the travel ecosystem and helping to reorganize processes, solving major pain points in an often disjointed industry.

 

Pilot initiatives like the blockchain-based travel app, Known Traveller Digital Identity (KTDI), will create a more faultless passenger journey at immigration points. Consumer services like Tripio are harnessing blockchain technology for restructuring hotel booking protocol.

 

This was discussed by the industry experts at the Blockchain in Travel: Discover the Possibilities seminar held in Singapore on December 20, 2019, which spotlighted the potential applications of blockchain assisting the travel industry.

 

Shruti Dwivedi, General Manager, Blockchain Centre Singapore, cited two case studies – KrisPay and Tripio – that leverage blockchain to transform customer engagement.

 

Wong Soon-Hwa, founder and CEO of Asia Tourism Consulting said, “This is one way how SIA can convert underutilized points into value for itself and its partners, which would also help improve bottom lines for companies as middlemen are not required.”

 

Wong added that blockchain isn’t really a product, and is perhaps better described as a service, or “piping hidden behind the walls”. However, he said that a “huge mindset shift is also needed to make use of blockchain”.

 

Three-year-old Tripio is the first blockchain-based travel booking marketplace with 450,000 hotels on its platform.

 

“By using blockchain, the money paid by the customer gets logged into a smart contract (a self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of code). When the services are rendered – depending on the outcome of the service – the money will then be transferred to the service provider,” said Dwivedi.

 

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