The impact of Blockchain on Hotel Industry
Blockchain has become the buzzword among the Tech Enthusiasts because of the benefits it is predicted to create in various domains.
Hotel Industry is yes, of course, one among them.
Small Scale Hotels to Market Leaders, everyone is keenly watching what’s happening with blockchain and getting ready to adapt themselves to the huge opportunities forecasted.
This is a journey to educate ourselves about blockchain and emerging changes.
Blockchain: What is it?
In short, it could be called as Digital Ledger.
“Blockchain is a decentralized database, with inherent governance that, in the main, allows one to scale trust.” - Joerg Esser (Former director Thomas Cook).
A blockchain is a system that contains all the records stores and distributed across all the people in the network. Each record will be called a block. The transactions will be recorded permanently and time-stamped. The records are resistant for modification, easily traceable and secured using cryptography. It is a publicly distributed, transparent, failure-free, secure database for transactions.
Blockchain’s primary benefits are that it provides secure payment transactions and fraud detection systems. It also helps hoteliers in distributing rooms over the internet.
Let’s dive into detail on the impact that it could produce in the Hotel Industry.
Impact in Hotels
The major impact of blockchains can be seen in inventory distribution and streamlining secure transactions. With blockchain, digital transactions will become more secure. Also, it can work with different modes and mediums of payment which makes it more scalable. It will help hoteliers to easily perform their payment transactions and give their guests a hassle-free experience. Hoteliers can also simplify their financial operations easily as the blockchain records will solve most of the overheads.
Guest Tracking methods, delivered through Secure ID generation by blockchain, help hoteliers to track their guests easily. It can help the hoteliers to make informed decisions on handling the guest. On the whole, guests will not face any waiting time or sudden changes in services. This digital identification system helps hoteliers to keep guests connected with them always.
Further, the same identification can be used everywhere in the travel industry. It will help guests ease their operations. Finally, due to the secure ID and safe payment systems, Hotels can handle their Guest Loyalty Programs more effectively than now without any fraud. It will help hotels retain their customers for a long time.
Blockchain technology, that is being called the new internet in the travel industry, is growing fast. Get educated to grow along with that.