Blockchain Is Used In Tourism More Actively
The fall in prices of almost every cryptocurrency in 2018 did not affect the development of their underlying technology. Tourism has become one of those economy sectors that are actively implementing blockchain technologies, CCN reports.
Some airports have recognized digital currencies as legal means of payment, and Schiphol Airport in Amsterdam has established crypto ATMs, which allow to exchange euros for bitcoins or ethers. Besides, the large European aviation holding AF-KLM employed blockchain to reduce the cost of flights and to exclude the services of intermediaries.
It is noted that the third party, apart from establishing communication between hotels, airlines, and other participants in the process, charges a fee for services ultimately, which reflects badly on the cost of the trip. In turn, blockchain technology allows tourists, for instance, to book rooms using smart contracts instead of using services like Hotels.com.
Thus, the sellers will be sure that the funds will come from the customer in a timely manner through a reliable channel. According to research, the airline industry loses $1 billion every month due to credit card fraud.
Earlier, the leading Binance crypto exchange has invested $2.5 million in TravelbyBit, an Australian blockchain startup, which is a payment system created specifically for tourism that accepts crypto payments and allows to book tickets and hotels within one app.
Blockchain has long gone beyond the financial industry and is being implemented by companies from other industries to monitor and process large data amounts.
As previously reported, South Korea will use blockchain in shipping.