How Blockchain Technology is Changing the Hospitality Industry

By Lourdes Martin | 1-4-23: From pioneering technology to promoting community ownership, the travel industry has quickly adapted to blockchain in recent years. This groundbreaking technology is helping the hotel sector create a more equal and inclusive approach for its stakeholders. This blog post will explore how blockchain technology is changing the hospitality industry and how startups are using it to innovate and improve user experiences. So what is blockchain, and why should you pay attention to it?

What is Blockchain Technology?

Blockchain technology is a decentralized and distributed digital ledger system that records, validates, stores, and secures transactions. It works as a chain of blocks, where each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. Blockchain technology is used to track digital transactions securely and transparently, providing users with a ledger of their digital transactions. With blockchain technology, individuals can make financial transfers without needing a third-party intermediary, such as a bank or a payment processor. Additionally, blockchain technology can be used for other applications beyond cryptocurrency, such as data storage, identity verification, smart contracts, and more. The technology is becoming increasingly popular as it offers a secure way to store and transfer data. With its growing popularity, blockchain technology is expected to revolutionize how businesses and organizations manage their data. By leveraging the features of blockchain technology, companies can benefit from increased security, cost savings, and improved efficiency. As technology continues to evolve and become more widely adopted, it is expected to bring new opportunities and open up a world of possibilities.

1. Ownership

This revolutionary technology aids hotels in establishing community ownership solutions that provide huge benefits for guests and owners alike. For example, Travala.com is revolutionizing the travel booking industry with its blockchain-based platform, offering a wide selection of accommodation options from hotels to villas and 5-star resorts worldwide. Their native token AVA can be used for payments or rewards, while their Travel Tiger Utility NFTs provide users with unique experiences, such as access to airport lounges!

2. Tokenized Flights and Experiences

Blockchain startups are already focused on solution-driven efforts. Blockchain technology’s big appeal is a more streamlined travel experience for customers. The chaos that ensued during and post-pandemic cancellations highlighted many of the problems we currently face. TravelX, the South American-based startup, is bringing blockchain technology to revolutionize air travel by creating a seamless distribution model with NFTickets. Through tokenizing airline tickets on the secondary marketplace, travelers can not only recoup ticket costs but potentially make profits when plans change.
In contrast, airlines receive smart contract royalties for each sale of NFTticket! ​​”Friction and inefficiency continue to be pervasive in travel distribution, and the challenges related to the pandemic have increased the imperative for change. At TravelX, we’re excited to be building a blockchain-enabled solution that will help suppliers and intermediaries enhance efficiency and profitability while also improving the traveler experience,” said Juan Pablo Lafosse, CEO of TravelX. “The industry response has been remarkably positive. Web3 will change travel, and we are happy to enable this transformation.”

3. Crypto-Payment Option

Hospitality pioneers are paving the way in revolutionizing payment methods using cryptocurrency, which is safe, secure, and convenient for guests. With cryptocurrency payments rapidly growing, the global crypto market is projected to skyrocket – up US$4.94 billion by 2030! These hotels are looking to the future and have partnered with diverse cryptocurrency providers to allow customers to pay without worrying about fluctuating prices.

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(Note: Lourdes Martin is a blogger, writer, and influencer with expertise in Hospitality, Travel, and International Affairs. Martin has been featured on Shoutout Miami and various other publications. Martin’s blog: Please, Do Tell & Recuerdos. Martin is a contributing writer to aavgo.com.)