Following the genesis of computers and the Internet, blockchain is the next best thing that can happen to the world. Blockchain possesses the ability to alter the way of recording and accessing information. The business enterprises are investing more resources to research and incorporate their technology in daily business operations.
FREMONT, CA: The awe-inspiring technology offers numerous advantages to all business sectors, and the hospitality industry is not exempted from it. With its ability to work on a decentralized network, blockchain handles financial transactions as well as actual payments efficiently. Blockchain technology is good at handling users' personal information, which can boost the hospitality sector. The network allows incorporating additional info on user reviews, which can be used for future analysis.
Although blockchain is very new to the travel and hospitality industry, hotels and restaurants, together with airline companies, travel agencies, and tourism agencies are rapidly adopting this technology intending to transform the hospitality sector.
The guest tracking feature allows hotels to track the guests' locations in real-time. The hotels receive alerts at every step like, when the guest heads out to the airport, while checking-in to the flight, and also when the guest arrives at the hotel. This feature enhances customer experience by reducing the wait time for the guest to check-in at hotels.
The guest tracking feature can be slightly intrusive of the guest's privacy due to which customer approval is taken, also specifying the level of personal information they are willing to share. Hence, blockchain provides a technological platform that has the potential to change the hospitality industry without intruding on the privacy of travelers.
The use of blockchain technology can benefit many restaurants in monitoring and tracking food. Starting from the production of food and harvesting on the farm affects the restaurants. A blockchain network can be created, including food producers, transport providers, and restaurant owners, which will efficiently track the movement of the agricultural produce. The information about quantity, types, and grades of the food can be accessed easily from the private blockchain network.
Smart Contracts Functionality
One of the most interesting features of the blockchain technology is that smart contracts are codes which are self-executing based on the agreed conditions between the service providers and the consumers. The agreement between the hotel and the travel agencies can be put in the blockchain network, and the smart contracts will record this transaction automatically and process payment immediately. This feature can remarkably reduce transaction time and improve efficiency, as well as improving the coordination between the travel agent and the hotels, and boost sales.
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