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Blockchain technology and the world of tourism

Photo of: Joseph Stone
by Joseph Stone

In early 2017, Hawaii authorities announced the creation of a task force to “explore the use of blockchain to facilitate the consumption of local products and services and boost the tourism economy.” What is valid in Hawaii is also valid for many other tourist destinations. The stakes are not negligible: the tourism and travel sector is one of the most important industries in the world, generating directly and indirectly 9% of the world’s GDP and one in 11 jobs, according to the World Tourism Organization. Added to this is the sustained growth in the number of international tourists, set to grow from 1.2 billion in 2016 to more than 1.8 billion in 2030 (+ 50%).

The blockchain is an opportunity for the sector in many respects: renewal of loyalty programs, facilitated identity management at airports, automated management of insurance in case of flight delays, traceability of local products to guarantee their origin …
In the near future, the use of blockchain through smart contracts could be legion in the travel insurance sector. Thus, there is no need for the insured to fill in long and tedious forms, nor to make claims to insurance companies. Everything would be automated and secured.

Another example is Bali Social Integrated, a blockchain-based tourism platform. Bali Social Integrated was tasked with optimizing the global tourism industry by integrating blockchain to reduce operational and transactional costs.

Bali Social Integrated uses a BSI $ token, an ERC-20 token to create a blockchain-powered payment network to facilitate cross-border transactions without the cost of fiat conversion. The BSI $ token acts as the lifeblood of the entire Bali Social Integrated ecosystem. It integrates seamlessly with the Travel Network to create a robust payment network that can be used to make daily payments across the network of affiliated stores.

However, the BSI $ token also has unique use cases, such as airfare booking, hotel booking, electric vehicle rental, etc. Moreover, by investing in BSI $ tokens, investors can have a front-row seat to witness the growth of the best blockchain-powered tourism platform.

Depending on the use cases – some of which are more prospective than others, blockchain does have serious potential to modernize the world of tourism. All that remains is to experiment with these opportunities in order to validate their relevance the relevance of these opportunities, the precursor players being the most likely to impose themselves later on.