Blockchain applications could disrupt how the world manages environmental resources, helping to drive sustainable growth and value creation
While blockchain technology was originally designed for cryptocurrencies such as Bitcoin, there are now numerous potential uses for it and many benefits that it can bring to various industries, the hospitality industry being one of them.
Attackers use 51% attacks to reverse transactions that have already taken place, in a blockchain, in what has come to be known as double spend. For instance, one can spend 5 bitcoins to purchase a motorcycle. Once the bike is delivered, logic dictates that Bitcoins are to be transferred to cater for the cost of the bike and can activate the attack.
As blockchain technology continues to grow in popularity, it’s only natural that we will see it in more industries. And with all the blockchain buzz, we have been asked, 'How can this technology be applied to the travel industry and will there be any perceived benefits?'
Anything and everything you need to know about what makes blockchain technology tick.
When it comes to digitisation, the travel industry offers a complex environment. Companies who do not specialise in travel find it difficult to enter the market, as direct access to the offers of airlines, hotels and other service providers would require negotiations with every single player.
