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Blockchain Technology: A Revolution in the Hospitality and Tourism Industry
Abstract
Travel and technology tend to possess seamless amalgamation. Advancements in technologies are significantly changing the way people travel, with exciting and promising experiences. Incorporation of smart devices and solutions in businesses enables easier ways to analyze, collect, as well as share the real-time data with vendors. One such concept includes blockchain technology, inclusion of which brings about an extreme change in the way the data are being accessed and stored. This technology enables the businesses to fortify operations, transactions, as well as processes, thereby bolstering productivity and growth and discovering newer profit models. This chapter discusses the different competitive advantages offered by the tourism businesses on inclusion of blockchain technology in their strategic-decisions and emphasizes how the blockchain concepts help in simplifying the tourism and hospitality businesses, amidst different challenges being faced by these industries.
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