Bitcoin Forum

BLOCKCHAIN WILL CHANGE HOTEL BOOKING INDUSTRY

In either case, blockchain technology is poised to impact processes and roles across the travel ecosystem:

Transparency: Blockchain entries are immutable. Blockchain can provide a permanent record of the flow of money through the travel life cycle, bringing more transparency to the process;

Settlement: Blockchain can impact the complex settlement process by automatically executing Smart Contracts and settling with  both the buyer and seller within hours versus days;

Loyalty: Blockchain may uncover new  ways to utilize loyalty points seamlessly across vendors;

Fraud: The blockchain distributed ledger helps to dramatically reduce fraud, because a change to a single node will be identified quickly if it differs with rest of the ledgers on the blockchain;

Identity: The blockchain platform could be used to store a traveler's identity and enable it to be used across transactions;

IoT (Internet of Things): Blockchain could be used to keep track of any asset, for example, a passenger's luggage or airline equipment at an airport;

Overbooking: Blockchain's ability to prevent double spending could in theory remove the problem of double bookings in the industry;

Policy: Blockchain could help the corporate travel industry improve its ability to track negotiated fares/rates, as they can be auto-executed by Smart Contracts.

LongChain, a decentralized global hotel online booking platform, will be such innovative blockchain-based distribution channel.