How Blockchain Can Revolutionalize Travel Industry

Blockchain- secured by design and managed by a peer-to-peer network- has revolutionalized the finance sector. Thirty of the world’s largest banks are collectively toiling to build blockchain solutions and the technology has powered millions of users. Blockchain could also have ramification for the travel industry, too. In addition to providing a simplified, secure platform for airlines, accommodation and rental portals, the technology could transform the future of digital identity management. Before going into details, it’s good to know the basics of this simple, yet widely-applicable tool. So, scroll down to read more!

Understanding Blockchain
The Blockchain is an ingeniously simple technology that powers bitcoin. This technological tool seeks to reduce the cost and enhance efficiency by superseding the flow of paperwork for different works with the digital data flow. But, in reality, it is more than that. It is a public ledger that can be accessed by everyone on the network. The Blockchain is a data structure of transactions- not just monetary transactions, but any transaction of value in a system - in a digital form. It is cryptographically secured and fundamentally open that allows participants to amend the information without any permission of the central authority. This way, it omits third party involvement. By providing a common platform (for information access) to all the parties involved, Blockchain provides a degree of trust and transparency. It permanently records the transaction details after the settlement and adds more to it making a Blockchain. Blockchain, if implemented in a particular area of trade, will significantly reduce the need of multiple copies of the same data thus, decreasing the overall settlement time.

Will Blockchain Dominate Travel?
The Blockchain is providing ease in terms of data security, logistics, transparency and simplified process. Fragmented and complex structure of blockchain makes it viable for the travel industry. Securing the enormous amount of sensitive data & online payments and identifying the source in case of a fraud are the major concerns for travel providers. Besides, blockchain is a major part of identity management. Below are just a few of the most game-changing roles for blockchain technology that may become reality in the coming years:

• Security & Identification

Ensuring security of the passengers is a matter of concern for airlines. Owing to its distributed nature, blockchain technology could make screening process much faster and more reliable. It can combine a database of travelers with biometric technology to create a multifactor security process.

• Loyalty Programs

Loyalty programs and rewards are imperative to keep customers coming back to a carrier year after year. Airline rewards can be stored in a Blockchain where customers could have instant access to their balance and can use points like cash.

• Tracking Luggage & Cargo

To avoid the misplacement of luggage, it is good to use a blockchain to log the movement of each item for a better workflow. It will help in determining, who is responsible for each item at any point in the process.

• Managing Chargebacks

Blockchain payments are not eligible for chargebacks without the blockchain’s consensus. But, it could be much easier if all information of ACH payment chargebacks is organized in the blockchain. Blockchain has applications at every level of the travel industry, from domestic security and more efficient global trade to simply improving a business’s bottom line.

With digital payments becoming the norms in various sectors across the globe, the one new age digital currency technology that we reckon will dominate the industry in the times to come.

The changing trends in SEO

Experts say to excel in the era of digital marketing, one needs to stay ahead. And when it comes to Search Engine Optimization, you need to maintain pace with Google updates to prepare and run a successful marketing campaign.

Although keywords are still important as typing in simple words yields simple results. Consumers are becoming smart today; they know exactly what they want to buy and what they need to put for getting better search results. Similarly, search engines are getting much better at identifying user’s intent to provide results more effectively. Here are few game-changing trends that are set to rock the SEO world:.

1. Brands are required to place value on optimizing their digital content based on web, unlike specific keywords.
2. Users love the quick access to precise information. Adding structured data markup to your website can increase the chances of having an enhanced SREP listing.
3. Use Cross-Channel Marketing strategy to enable users to move seamlessly between devices and platforms to make a purchase.
4. As mobile search is growing at a rapid pace, it is good to optimize your SEO strategies accordingly.
5. In this digital age, voice search is in trend as its hands-free, fast and futuristic.

SEO is continually changing and new techniques are created at regular interval of time. While there is no way to predict the changes, a good business precisely follows the trends and keeps up with the changes as they do occur.

Streamline Trade Finance With Blockchain Technology

For the past few years, the buzz around blockchain has grown to apogee. With a long standing as a technological novelty, blockchain is quickly evolving and may soon become a viable financial tool on a global scale. The most interesting areas that blockchain is seeking to address are Trade Finance and Global Trade. So, what is blockchain? Most simply, it’s a technology that is essentially an unimpeachable digital ledger of transactions- not just monetary transactions, but any transaction of value in a system.

Before investing time and money in this technological tool, it is good to know basics of it. So, scroll down to read more!

Trade Finance?

Trade financing comprises credit facilities provided by financial institutions to guarantee the exchange of goods. It includes lending, issuing letters of credit, factoring, export credit and insurance for both- domestic and international trade. One of the difficulties involved with trade finance is the large volume of paperwork. Blockchain technology seeks to reduce costs and enhance efficiency by superseding the flow of paper for trade finance with the digital data flow.

Blockchain: Endless Applications

It’s a promise of blockchain to streamline the trade finance process. The blockchain is a data structure that creates a digital ledger of transactions. With the help of cryptography, these transactions can be distributed amongst a digital network. This way, it allows each participant on the network to amend the ledger without the need for a central authority. So, if implemented, it will omit the role of middleman in financial transactions.

Blockchain removes the need of multiple copies of the same document including numerous entities as it undertakes quick updates made by each participant and reflects the most recent transactions. Among the best of blockchain’s advantages are the speeding up of transaction settlement time that currently takes a few days, increasing transparency among the investors, and unlocking capital that would otherwise be tied up waiting to be transferred between parties involved in the transaction. The blockchain is creating new ways for people to make transactions. It is used for maintaining records of transactions, verifying identity and establishing contracts.

The Society For Worldwide Interbank Financial Telecommunication (SWIFT) is exploring the use of blockchain in trade finance. It is worth keeping an eye on the rapid developments occurring in the space of blockchain technology. It is poised to effect positive change in trade finance, and if it does, it could affect every industry involved in cross-border business or trade.

Sources: 

• https://www.americanexpress.com/us/content/foreign-exchange/articles/blockchain-technology-to-streamline-trade-finance/
• https://blogs.adb.org/blog/how-blockchain-can-revolutionize-access-finance
• https://www2.deloitte.com/content/dam/Deloitte/global/Documents/grid/trade-finance-placemat.pdf