According to a recent report by Allied Market Research, the global online travel market will explode to over a trillion dollars in economic value by 2022. In fact, one in ten employees globally are employed by the global travel economy. An ecosystem that started with the travel agent, the customer and the individual owning the supply such as an air seat or hotel room has ballooned in size.
Currently, eleven channel partners make up the current travel ecosystem including travel management companies, tour operators, wholesalers, global distribution systems as well as airlines and hotel companies. The end result, a travel experience that has never felt so disconnected and the end traveler suffers the most with extra costs and increased dissatisfaction.
Enter the blockchain, a distributed database where real time transactions are recorded and maintained. Each blockchain entry is time stamped and encrypted before storage, making the records tamperproof and immutable. Since the data is kept publicly and in a distributed database, users have complete visibility and control. The blockchain is exceedingly transparent, secure and immune to technical glitches.
With its security and stability features, a blockchain solution can act as a shared database for multiple parties. As it relates to travel and how a blockchain based IT system makes sense, many industry leaders are focusing on using the blockchain to secure payments and improving trust between multiple parties in the travel industry supply chain.
Imagine a situation where you can view all bookings, ancillaries such as extra bags and hotel rooms available for a fraction of the cost or even free. Costs would go down and synergies between travel partners would increase.
What does a blockchain enabled world do for the business of air travel? Blockchains can enhance the safety of air travel by enabling real time data sharing between airlines whether they are a large home market carrier such as American Airlines or Delta or a regional player focused on a particular region.
By passing information to air traffic control centers, approved third parties, as well as the actual passenger the end result is radically improved information transparency and lower costs. Those lower costs go right into your wallet.
Reducing payment costs and increasing transparency are game changers when it comes to the hospitality sector. Specifically, the manner in which individuals pay for trips whether that be ones that are personal or others that are business related.
For example, hotels charge significant fees in order to have back office systems and revenue management systems keeping their inventory up to date. A global ledger would remove the need for that.
As it relates to payments, what makes the blockchain so unique? Specifically, the blockchain has the ability to handle millions of daily transitions along with a increased user experience. As it relates to benefits for companies powering the blockchain, a blockchain based payment is possible with limited resources for account reconciliations truly enabling bottom line efficiencies and speeding up the act of paying for your travel.
Overall, the travel and transportation industry are in high need for a transparent, open, immutable IT solution and that is exactly what the blockchain is.
Regardless of the industries need for blockchain, there must be a global platform that can connect industry partners, provide accountability and build the on ramps that will allow trust- less transactions to happen.
Swissbloc Capital (SBC) , a blockchain based tech company specializing in the future of travel innovations has developed its own token called the global travel token (GTX) that will assist in the capture, and monitoring of the shared ledger data repository.
The SBC ecosystem, will not only create, track and provide the certainty required of travel transactions involving agents, suppliers and consumers. In fact, the ecosystem will include internal ratings of all ecosystem participants.
So, what exactly is the Swissbloc Capital solution? It is a proprietary settlement system for online travel agents and wholesalers which will transform the settlement process making it far more efficient and cost effective. Using the blockchain and the fifty years of team experience, they will work to revolutionize the function gaps we have discussed in the air, hospitality and travel payments industry today.
Additionally, the Swissbloc platform will feature a rewards program with a unique opportunity for frequent travelers and featured suppliers to make purchases with approved vendors all getting awarded in the GTX Token.
It works like this, agents when they book travel using the Swissbloc platform will enter their unique reward program information as well as the traveler information and they will be able to earn rewards instantly. It is that simple.
The Swissbloc digital wallet will be the tool that allows for the purchasing and selling of the GTX token. First, it can be purchased during the GTX token sale in Q4 of 2018. With enhancements to the mobile wallet focusing on enterprise clients coming in early 2019, the Swissbloc team is focused on creating an open, immutable travel ecosystem where tokens can be earned and traded for a fraction of the cost of current fiat and dollar alternatives. The world has caught the travel bug, and the future of travel is powered by the blockchain powered by Swissbloc .
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