Implementation Of Web3 In The Travel Industry
Web3 is a new paradigm of digital logic that entails blockchain technology at its core. If you believe in the potential of decentralization, Web3 is going to transform innumerable business sectors in the coming years. Despite its uncountable benefits, one thing that has led to its widespread adoption is its capability to transfigure various aspects of our everyday lives, including the way we travel. Many companies and industries have actively started to incorporate Web3 technologies into their business models, workflows, and structures, and the travel & tourism domain is no exception.
While we know that the travel sector is largely dominated by global, multi-scale business entities functioning in a centralized manner, the strategic integration of Web3 will propel travel experiences to be far more secure, transparent, and travel-friendly.
Moreover, since Web3 in travel exudes promises for organizations, governments, and travelers alike, customers will likely be the biggest beneficiaries. This is because Web3 in travel ensures seamless and streamlined travel experiences with a higher degree of accountability, safety, transparency, reliability, and autonomy for travelers.
In this blog, we will discuss how Web3 in travel will change the way how businesses operate and explain the benefits of integrating Web3 technologies into your enterprise ecosystem. So, let’s get started.
How Web3 is unleashing the possibilities within travel & tourism
The main features of Web3 include autonomy, decentralization, anti-fraud, anti-censorship, and high security. With these attributes in mind, let’s ponder over the benefits that Web3 brings to the table – increased security, stability, and improved reconciliation process with blockchain, decentralized applications, and smart contracts.
As blockchain technology is the heart and soul of Web3, its decentralized nature implies that the transactions recorded on distributed ledgers are always traceable, therefore, any information cannot be deleted, lost, or tampered with accidentally.
Since the travel industry relies immensely on data exchange between agencies, travel agents are necessitated to pass on user information to flight and hotel companies. Cases of incorrect information being passed or loss of data can worsen the situation. When it comes to Web3 in travel, the neoteric blockchain technology enables a seamless, immutable, and secure flow of information. Since the entire network of nodes is accountable for storing information, accessing and storing customer data becomes much easier and more convenient when done in a decentralized way.
In Web3 travel, financial transactions also hold equal importance as it not only helps in simplifying but also securing payments. In this context, blockchain can significantly increase trust between each and every party involved – right from travel agencies and airline companies to travelers and hospitality businesses.
Here are some aspects of travel segments that will be the most impacted via Web3 innovations:
- Identity verification & Management
A decentralized identity management system can make it fairly easy for passengers to travel through airports by constructing a mesh of ‘trust networks’ using next-gen blockchain solutions. While they ensure the highest levels of data privacy, these trust networks can allow sharing or consumption of passenger identity details without any tampering or data loss.
Furthermore, all the trust networks apart from the permissioned trust network for government bodies and travelers issue proofs as decentralized identifiers (DID) pertaining to each stage of the traveler’s movement within the airport. All this information and datasets are recorded into a blockchain ledger with the help of DID documents. Hence, to confirm their identity and be eligible to fly, the passenger must need to provide their DID documents. Such a solution will immensely aid in augmenting the operational efficiency of the airport and lower wait time for travelers.
- Reservations as NFTs
As the title itself describes its purpose very precisely, imagine if we minted a token every time before booking a trip. This token would subsequently encapsulate all of the reservation data and it would be directly minted into our Web3 wallet.
The online travel agents will therefore have to integrate with our Web3 wallets that interact with this token. So, in case online travel agents need to check on the reservation data, they would need to ask for our permission.
This is probably one of the most prominent outcomes of the magnanimous shift from Web2 to Web3. The access and accountability to reservation bookings now ultimately sit in the wallet.
With the reservation now being stored in the wallet in a standardized form of a token, we can access our bookings to other agencies or travel organizations. All in all, it opens an entirely new breed of services that couldn’t have possibly existed before.
Implications & Advantages of Web3 in Travel
As the travel industry begins to embrace Web3 innovations, it can be fairly anticipated that colossal changes are on their way. Here are some of the potential benefits and use cases of Web3 in travel that will dominate the global tourism sector in the near future.
- Data security, immutability, transparency, and accountability
- Insurance against flights delays and overbookings
- No involvement of third-party intermediaries or agent fees
- Reservations, check-ins, and tickets in the form of NFTs
- Blockchain-bassed loyalty reward programs
- Streamlined, efficient, and cost-effective travel operations
Aside from these prominent advantages, Web3 makes it far more difficult for hackers to gain access to private and sensitive user information. The entire significance of its existence is to be fully transparent, anti-fraud, immutable, and unchangeable.
Blockchain-based technologies including NFTs for travel transactions can be actively leveraged for monitoring every transaction, ensuring that travel businesses are held liable for their activities. With seamless supply chain management, companies can immediately discover issues by removing silos, lowering costs, and improving time management.
Moreover, with the advent of immersive technologies in web3 including metaverse services, AR/VR, and more, travel businesses have already started to utilize the hyper-realistic ecosystem for conducting business conferences, networking, collaboration, virtual tours, and product launches.
Looking for Web3 app development for your business?
There is no denying the fact that the inception of Web3 in travel will open new doors of accountability, traceability, immutability, security, and business opportunities for travel companies and customers alike. At Oodles Technologies, we enable businesses to embrace the possibilities of next-gen technical advancements such as the metaverse, web3, blockchain, AR/VR, and more to propel their productivity and business efficiency. As an established Web3 and blockchain development company, we assist companies across various industries including travel, tourism & hospitality to take their user data management and security to the next level. With a team of seasoned app developers, we offer end-to-end Web3 development services to organizations, enabling them to transform and decentralize their existing business processes in accordance with the latest industry standards. If you are looking for Web3 app development solutions for your travel company, feel free to drop us a line. Our team of professionals will get back to you within 24 hours.