Over the past decade, blockchain technology has gained traction, with many taking a sudden interest. But is it time to concede that it is a viable technology?
Given the many black-market paradoxes associated with this technology, I get the general reluctance to fully onboard the Crypto. However, we can’t disregard its importance simply basing our arguments on the illicit acts of people like the ex-Quadriga founder Gerald Cotten.
Blockchain is an encrypted and shared database serving as an incorruptible public database of stored information. The technology’s mass adoption across the globe is gravely vindicated as we have seen its potential to improve security and transparency.
And although blockchain will disintermediate transactions of online travel agents, it will further increase customer-to-customer transactions in the industry, thus making trips rather more affordable. One notable example is Winding Tree, which directly connects travelers to service providers.
Blockchain should revolutionize how we travel because incorporating Crypto in the travel industry will boost the security and smooth operations of travel experiences globally—a win-win for all parties.
Easy and Transparent Payment Options
Did you know that you could book your hotel using various Crypto? Many travel agencies now accept making travel bookings, including booking your air tickets using cryptocurrencies like Bitcoin, Dogecoin, and Ethereum.
Using Crypto is a straightforward and transparent process perfect for the travel industry. In addition, it could remove the existing manual and paper-based processes that are pretty long and inefficient.
Using Crypto could smoothen traveler experiences; by cutting down conversion costs, eliminating expensive third parties and frauds, and making the booking process faster.
Adapting crypto payments will attract more travelers to a hotel and provide a sole transparent system that will make transactions in the travel industry easier, more transparent, faster, and safer.
Security in Travel
One of the most coveted things in the travel industry is security. Using cryptocurrencies like Bitcoin as payment for a trip could help maintain travelers’ financial security, thus making the travel industry secure.
Financial security issues can make or break a country’s travel industry leading to backlash and tarnishing its public image. Here is where the use of Crypto comes in; it is an excellent way for businesses in the travel industry to process their payments.
Many travel businesses have fallen victim to stolen corporate information and identity theft. Secure payment options like Crypto can protect both business assets and customers.
Cryptocurrencies increase oversight and credit protection so businesses in the travel industry can guard against insider fraud. In addition, Crypto can make it impossible to get away with accounting discrepancies.
Redefining Loyalty Programs
Over 90 percent of the adults in the US are currently subscribed to at least one loyalty program, according to research conducted by MasterCard data.
Loyalty programs are more popular today than ever, thus their absolute position in the travel industry. However, while loyalty programs have existed for decades, the recent emergence of crypto rewards in the industry may turn the tide.
Loyalty programs tend to offer less value, with most of them operating as a reward programs offering reward points.
The rewards depend entirely on the company, which can offer fewer rewards or shut them down completely. The customer has no say in what happens in a loyalty program.
The value of bitcoin, however, is controlled by the market demand due to its decentralization. Therefore, it can go up or down accordingly.
Crypto authorizes travelers to use their loyalty points for fiat, thus giving them many opportunities to either participate in gaining value with their loyalty points; for instance, travelers can choose to trade or exchange their loyalty points for fiat.
For a long time, the travel industry has been subject to region-based rewards, which can depreciate due to inflation, thus diminishing the reward.
Cryptocurrencies allow customers to maintain their reward value and cash out or spend them wherever they wish without considering the currency. That makes cashback an investment for travelers.
Use of Non-fungible tokens (NFTs)
The travel industry will soon bid goodbye to manual confirmations and physical tickets. Instead, using cryptocurrencies will shake up the travel industry’s age-old payment protocols, thus introducing non-fungible tokens (NFTs) that can act as a form of identification or ticket.
NFTs will cut out the use of various platforms and make it possible for travelers to have the necessary information on their person. They are a key to unlocking crypto security while enhancing guest experiences. The idea is still being developed but with excellent growth potential.
Some platforms like LynKey already use NFT solutions for their travel and tourism services. That helps their customers avoid expensive third parties, exchanging their money into local currency, and generally saving them plenty of money.
Hotels and Travel Affiliates Currently Using Crypto
You can now use cryptocurrencies to book your flights, pay for your hotel room, and get car rental services.
Bitcoin.travel is one of the established pioneer Bitcoin travel sites. This site can book your entire trip, including flights and hotels.
Bitcoin.travel gives you suggestions for flights, hotels, and other businesses that have adapted to crypto payments.
The site has been operating since mid-2011 to create a credible, reliable, and easy-to-use website for businesses that accept Bitcoin payments. In addition, over 50 cryptocurrencies can be used to purchase travel services on the website.
Destinia is a travel site or app that helps travelers book flights, hotels, trains, cars, skis, buses, and other traveling options within Latin America. In addition, you can use the site to budget for your trips to have the best travel experience!
Expedia is one of the websites where you can make hotel bookings. It is reliable and accessible, and now you can book your room with just Crypto.
The Pavilions Hotels and Resorts
The Pavilions Hotels and Resorts were the first international hotel group to accept crypto bookings worldwide. As of 2021, they accept up to 42 virtual currencies as payment as you book your stay. In addition, they partnered with Coindirect, a global crypto-payment gateway based in London, to make acceptance of cryptocurrencies possible at their hotels.
Sri Panwa Phuket
The Sri Panwa Phuket hotel started accepting cryptocurrency payments in September 2021. Guests can book their rooms at this hotel using; Bitcoin, Ethereum, USDC, and USTD.
Surfair is a private air club that offers flight services. They charge a monthly fee for an all-you-can-fly service where you can get flights from airports in Texas and California. Travelers can also access seasonal flights to and from other states like Palm Springs, Las Vegas, Midland, and San Antonio. Patrons can also access flights to some cities in Europe. The air club has been accepting cryptocurrency payments since 2017.
Countries Accepting Crypto Payments in the Travel Industry
Countries accepting cryptocurrency payments in the travel industry include; Australia, Slovenia, the United States, Italy, Spain, and the Czech Republic.
Now you are ready to start your journey into this significant undertaking. Visit our blog to see more adventures you must experience.