Which Are The 6 Companies Using Blockchain To Change Travel – Part 2
Here are the remaining three companies from the previous post. Read along for more ideas about the applications of blockchain technology.
The Later Part Of It
This post comes as a continuation to the previous one on the 6 leading companies of the travel industry putting blockchain technology to its use. We go on in the post about the rest of the three being chosen to exemplify the blockchain uses. The following are the companies that are large market capitalists thereby giving the blockchain industry a makeover.
4. Sandblock: Thereby Improving Loyalty’s Fungibility
It is interesting to observe that in the hyper-competitive travel and tourism industry, there remain to be the loyalty rewards have gone through several iterations but only the most recent offers a real departure thanks to blockchain. Hereby many of the frequent travelers belong to airlines and hotel loyalty programs which are spending points and miles often meaning jumping through multiple hoops to redeem rewards. It is then known that furthermore despite high rates of participation in loyalty programs where many customers report a willingness to accept better deals from competing carriers and service providers if the price is right.
It is in this context that the new entrant Sandblock is looking to radically change the loyalty landscape with its blockchain-based platform as the company’s system enables travel providers to create their loyalty tokens, which can be exchanged not just for brand-specific rewards, but also to be used like real coins and even exchanged for fiat.
The user thereby can also apply their tokens to redeem rewards across a variety of services beyond the company that awarded them and can earn more by being an active participant in the community. It is therefore business are rewarded better data and transparency and an ecosystem return in value to them thanks to improved targeting and happier consumers.
5. Accenture: While Striving Towards Shorter Lines
While spending hours waiting in lines at airports is an oft-cited example, of the annoyances of traveling the globe. Thereafter with the volume of air travelers expected to grow 50% over the next 10 years, those airports are likely to face even greater congestion adding to time spent in lines for security, customs, and passport control. Hereafter security needs are also trumpeted as the reason behind tighter controls and oversight thereby contributing to a frequent traveler’s headache.
Therefore to overcome these challenges, and expedite the security process, the consulting firm Accenture PLC comes in conjunction with the World Economic Forum that has developed the Known Traveler Digital Identity System.
In this context, the blockchain is designed to collect as well as to host the identifying information for as frequent international travelers enabling a freer flow of the data between the travelers and the customs agents to smooth away the clearance process. Thereafter for travelers, this means gaining control over the digital identities with better security thanks to distributed ledger technology. Hereby airports and airlines also benefit from accelerated processing and better security helping shorten lines all while alleviating one of the biggest traveler pain points.
6. Travelchain: How To Make The Most Of Data
The truth is that data has become a prized commodity in today’s economy it offers businesses numerous insights and advantages when used appropriately as travelers generate massive amounts of data that are coming as highly valuable to those service providers even though that information is generally to be restricted to gatekeepers such as Expedia and Orbitz, offering a faster booking process at a price. The result is an ecosystem that raises the costs for travelers and adds to the informational asymmetry for travel service providers.
Thereafter the new entrant Travelchain is looking to upend the paradigm with an open-source blockchain seeking to remove intermediaries on the supply chain. Hereby users are empowered to collect and monetize their travel data and keeping it safe from prying eyes and receiving tokens as compensation for sharing with travel service providers as thee tokens can then be redeemed for services or money.
It is here that the participating companies can access more granular information about travelers channeling these insights for more pinpointed promotion targeting. This comes apart from personalizing marketing, where these companies can offer customized tours and promotions based on a traveler’s preferences, closing the entire ecosystem loop, and delivering value to all stakeholders.
The Bottom Line
Surely, traveling should be comfortable, cost-effective, and most importantly enjoyable while fees, booking irregularities bad reviews and long lines may be symptomatic of the current travel environment where blockchain is challenging this status quo with a host of new services designed to modernize and streamline the travel experience. Therefore thanks to the formations of more equitable ecosystems constructed to reduce the presence of intermediaries, travelers and service providers can build more mutually fulfilling relationships that contribute to better overall value.