Blockchain will spark a new type of technology race in travel

Short of completely transforming the industry in 2018, blockchain will become a yardstick against which travel enterprises measure their tech prowess. Dabbling in blockchain will send a message to partners and investors. It declares that your company has the bandwidth to look beyond today’s mundane operational challenges.

During these early stages, having a self-proclaimed blockchain specialist-in-residence qualifies. The long-run question is whether blockchain can add real value and make global travel better, faster, and cheaper. At this point, though, it may not really matter. Its mystique and disruptive potential as the next big thing since the Internet will send the industry chasing its lofty promises. 

Blockchain and “decentralization” is also starting to catch on as a statement against big tech. Early adopters will be rewarded with accolades as innovators and “knowers,” well before blockchain actually lives up to its disruptive potential.  (Skift TravelMegaTrends 2018 Writer: Luke Bujarski)

Blockchain is so much more transformative than even the Internet revolution because it allows you to transact,” said media and marketing company Creative Counsel joint CEO Ran Neu-Ner.

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The South African entrepreneur urged companies and people to embrace blockchain technology, which facilitates secure online transactions. An increasing number of financial institutions, in particular, are starting to invest in blockchain technology.

“This is not something you can ignore. I don’t know of any industry that is not going to be affected by blockchain in any way or form,” said Neu-Ner.

“This era could be the end of big business and the beginning of a decentralised world, where multiple contributors take part in a network,” he said.

He added that blockchain technology was part of the wave of disruption sweeping the globe.

Blockchain set to change transactions, information flow and business processes

New information technologies, such as the encrypted, distributed-ledger technology known as blockchain, can remove the need for central facilitators by providing a framework in which secure transactions can be done directly between parties and reduce the costs of transactions.

“A blockchain acts as a decentralised, automated ledger that records and verifies digital events and transactions, and stores them in a secure global network. It is a globally accessible, but secure, database that acts like an electronic filing cabinet,” says information technology services multinational Wipro Technologies global payments practice executive head Mary Ann Francis.

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