Applications of Blockchain in Tourism Industry

Abstract

Tourism is a rapidly growing industry, even after seeing some drop back during the last few years due to COVID-19. The latest trend shows that it is gaining its position again to become a booming industry of the century, but as the industry gains pace, it faces several challenges that require modern solutions. With the coming up of new technologies, blockchain technology has gained rapid attention not only since it maintains a secure and decentralized record of transactions across the world but also due to its safe access to identifying data while enhancing accessibility for individuals in need in sectors like banking, travel, healthcare, and education. The current tourism industry fails the tourist by not providing a decentralized payment system for advance booking of hotels and vehicles, and the foreign tax required for such transactions increases the further cost for a tourist. With no real-time luggage tracking available, tourists are always on the lookout for their luggage. Blockchain technology improves the accuracy and reliability of baggage mishandling coding by providing a decentralized, tamper-proof record of all baggage handling events. If blockchain technology is incorporated into the tourism industry, many issues in the industry get solved, and it can grow more rapidly, helping economies all over the world by providing smart solutions to difficult problems and thus improving the experience of tourists by providing safety, a decentralized payment system, preventing fraud, and enhancing security by securing the data from unauthorized access. This research helps in further identifying the problem in the tourism industry and solving it by implementing blockchain technology, thus improving economies relying on the tourism industry.