Will blockchain, the technology behind Bitcoin, become
a major disruptive force affecting all aspects of the travel value chain? The
rise and fall of Bitcoin have some critics writing it off as a failure, while
others still believe cryptocurrency will have a major global impact on financial
services. A bigger issue is how the underlying blockchain technology will
change industries. Blockchain permanently records a transaction in an open,
distributed, encrypted, verifiable ledger, and provides direct payment to the
seller, eliminating the middleman in the transaction. It greatly reduces the settlement
time for transactions. The travel industry may have more middlemen than any
other sector, and therefore the blockchain technology will likely have a major
disruptive impact on the way travel suppliers and intermediaries do business.
This article discusses the elements of blockchain technology and explores how it
may transform travel commerce.
- Bitcoin Versus Blockchain
- Blockchain Elements
- The Value of Blockchain
- The Financial Industry Embraces Blockchain
- Blockchain Challenges
- Blockchain’s Potential Impact on the Travel Industry
- Transaction Transparency
- When Will Blockchain Have an Impact?