Blockchain: A Revolutionary Technology for the Future of Travel Industry
Have you ever thought about the future of the Tourism & Travel industry after the COVID-19 outbreak in 2020? Is this the end of the travel industry or the beginning of a new travel trend? The United Nations World Tourism Organization or UNWTO estimates that throughout 2020, international arrivals decreased by almost 75%. Although COVID-19 cases in 2021 were successfully suppressed due to worldwide vaccination programs, international arrivals still show a decline graph up to 80% (January-July) compared to 2019.
With the decreasing trend in the number of international tourists from year to year, can you predict what the future of the Tourism & Travel industry looks like?
Although the data shows a decline in tourism, it is not a bad sign for the future of the travel industry. Some experts predict that the COVID-19 pandemic will actually create a new trend in the Travel & Tourism industry. This new trend will not only affect tourism business owners but will also benefit tourists themselves — let’s check out what changes are ahead!
The future of the Travel & Tourism industry
All countries have imposed travel restrictions for safety reasons and have implemented special rules for tourists who still want to travel such as Covid-19 test screening, complete vaccine doses and self-quarantine at the destination.
Everyone knows that the Covid-19 outbreak has had a major effect on the tourism industry, such as travel restrictions and several health and safety protocols applied by countries worldwide. This in turn will affect tourist’s travel decisions and behavior ie — costs incurred, destination selection and health & safety protocols. For now, tourists need to spend more time and money on additional requirements such as carrying out government recommended health tests before traveling. This makes people tend to be more selective in finding and planning travel whilst pursuing promotions and savings. In a period of recovery, regaining the public’s trust to travel after the pandemic is a challenging task.
Business People within the Travel Industry
Currently, the tourism industry is entering a new normal where Covid-19 vaccination has raised hopes for recovery. The tourism sector now must also participate and focus on health & safety aspects. That is why almost all businesses in the travel industry are adapting several pre-caution programs to regain travellers trust. For example mandating vaccinations to staff, customer screening, viewing vaccination passes and sterilising rooms etc after use. Changes in tourism trends are also starting to shift to alternative vacations where health, hygiene and safety issues will be the main considerations for tourists.
Despite all the devastation it has wrought, COVID-19 has given the world a chance to pause and reflect on what kind of travel people want to now do. So can the Tourism & Travel industry be stimulated again?
YES! The Travel & Tourism industry now needs to reinvent itself and provide more sustainable choices, increased flexibility and transparency and overall create an easier, safer and happier travel experience for everyone. The tourism industry needs to embrace technological innovation for its future sustainability, growth and development. One of the revolutionary technologies that can answer many problems facing the Tourism & Travel industry is blockchain technology. Blockchain technology which is decentralized, safe and transparent, is now considered capable of making big changes for the future of tourism.
How can Blockchain technology create huge changes for the future of the Travel & Tourism industry?
More Cost Efficient
Businesses and tourists should be aware of additional costs incurred in the Travel & Tourism industry, such as booking fees associated with the OTA system (which charges tourists up to 30%), currency exchange fees, bank transfer fees and many more. Several companies implementing blockchain will offer “crypto travel” as an attractive option for tourists. With “crypto travel” you are no longer charged via the standard currency exchange (as well as fees), which attract high hotel booking prices as cryptocurrency will eliminate third parties such as banks and minimize transfer fees. More cost effective for sure!
Many travel documents need to be prepared when traveling during the COVID-19 pandemic — from passports, visas, Covid-19 screening test results to vaccine certificates. Blockchain is able to record travel documents such as personnel identity information (passports, visas and other documents) including vaccine certificates and store them permanently so that they can be accessed easily in the future. This process also simplifies the data verification process (hardcopy) that is carried out at each checkpoint. The application of blockchain also greatly helps tourists to verify properties before proceeding with bookings and payments whilst avoiding identity misuse. Tourist information can be accessed securely via blockchain and losses due to fraud are significantly reduced.
Can you imagine a world that gives you convenience and security when traveling? For example, you can make hotel or accommodation reservations quickly, without worrying about system errors such as overbooking as can happen via OTA. You can also see how the hotel is doing before booking or check in before arriving at the airport with a digitized passport or visa. This is possible if you adopt blockchain technology.
Blockchain also provides transparency for travelers and travel agents through smart contracts where travelers don’t have to worry about hidden fees by travel agents or booking rooms on fake websites. In addition, tourists can avoid double transfers and delayed transfers due to system errors from banking processes. Payments can also use cryptocurrencies as a native currency in the blockchain network.
Does blockchain technology answer all the needs of tourists wanting to travel?
The Tourism industry needs to adopt innovative technologies to sustain itself and create more secure processes. With a transparent system, it will be easier for customers to access information about all their travel plans, thereby saving time and costs.
Blockchain not only saves you money but can also provide new travel experiences for tourists. For example, no more waiting in line at the airport to check-in or waiting for confirmation that your luggage will arrive in good condition without any problems. All of this is helped by blockchain services which occur due to the decentralized system of the blockchain itself. Using the decentralized system, blockchain is able to simplify the process, reduce the risk of errors, eliminate controls from third parties and even combat the threat of scams.
A Revolutionary Membership-Only Online Crypto Travel Club
Forseeing the great potential of blockchain technology within the Travel & Tourism industry, StarWORKS Global adopted a blockchain-based travel platform called StarTRAVELLER. StarTRAVELLER is a crypto travel club designed by the StarONE Initiative to stimulate travel and tourism following the disastrous impact of the Covid-19 Pandemic by providing exciting new blockchain-based systems and products.
StarTRAVELLER is not only an online travel booking platform, but also offers an investment in your lifestyle. Apart from offering the best travel deals and value on the market, StarTRAVELLER embraces cryptocurrency, blockchain, and innovative technology to offer even more features, benefits and income earning potential for members.