Industries Solution: Travel & Mobility

Sectors: Automotive manufacturing, Car leasing & sales, Ride-hailing, Trucking, Aerospace & defense, Air travel, Hospitality.

Industry Approximate Annual Revenue: 4,700,000,000,000 USD (4.7 Trillion USD)

- Benefits of Blockchain in Travel & Mobility industries

· Overbooking: By prohibiting duplicate-spending, blockchain could theoretically eliminate the problem of double reservations in the tourism sector.

· Fraud: Because refunds and chargebacks are common in the sector, merchants' employment comes with a significant risk of financial loss. The advantage of blockchain payments is that once a payment is made, it cannot be reversed. This will cut down on the number of incidents of fraud.

· Identity and reputation: Decentralization, which is linked to crypto-economics, would allow billions of individuals who are cut off from the global economy to have access to financial services and be connected to the rest of the world. As a result, more individuals will be allowed to travel since reputation-based identity systems can verify their identities. Furthermore, as a trustworthy individual with a blockchain-backed reputation, passengers may wave goodbye to long queues, TSA, and intrusive personal data checks.

· Settlement: The blockchain enables money to be moved more quickly. Furthermore, the elimination of intermediaries and their costs, real-time money transfers, fast settlement, and simplified and constant audits would all help the travel sector.

· Loyalty: Loyalty programs are currently only valid inside a single firm or alliance. But what about utilizing points gained from using a competitor's services to purchase tickets? Through blockchain technology, such mechanics may become a reality.

- Risks that Blockchain and the Travel Industry Face

· Lack of public trust: Blockchain technology appears to offer a solution, since one of the possible benefits of its application to tourism is the reinforcement of trust, which is especially important at a moment of extreme uncertainty like the one we are currently experiencing.

Traveler profiles, policy and compliance, a duty of care, smart contracts, and breaking down silos are all noteworthy challenges.

Blockchain and cryptocurrencies, as we can see, have a lot of potential in the tourist industry. Travel operators and shops, on the other hand, may evaluate their businesses right now by adopting the bitcoin payment mechanism. When you become a Blockchain merchant, you will be able to:

- Attract new customers;

- Gain interest from foreign travelers;

- Reduce transaction costs and won’t lose money on conversion operations;

- Reach a comparison with competitors.