Bitcoin has slammed the money market, and other cryptocurrencies have followed. In fact, in 2017, the cryptocurrency market reached $150 billion. This is a hot subversive in the financial services industry.

But in the long run, what is more important is the technology behind the cryptocurrency – the blockchain. Many technology startups are revolving around this technology because it will disrupt many industries, including banking, healthcare, education, and tourism. In fact, in 2017, blockchain startups received about $1.8 billion in investment.

Blockchain in tourism
Travelers face a host of inconvenient things, such as long security check queues, finding out that identity documents are ready at all times, and being asked to voluntarily give up their seats due to overbooking.

Even if we are making travel arrangements, we will face endless problems and even be asked to provide personal information and credit card information. Second, there are still fraud issues, which is critical. Travel agencies lose up to 0.44% per year, and 4% of aircraft are scheduled to be rejected for fraud. All of these problems cost the tourism industry $4.8 billion a year.

The blockchain can solve these problems well. The following are examples of the application of blockchains in tourism.

Identity management
It is estimated that up to 40 million travel documents have been recorded as lost or stolen in recent years. However, through biometrics and blockchains, identity and travel files can be recorded and stored permanently, with a single click. We don't have to print multiple files for multiple checkpoints in our trip. Credit card information can also be easily stored. Aircraft, hotels and passports can streamline traveler's equipment, and government agencies are safer when dealing with tourists.

2. Smart contract
The blockchain has been used to consolidate contracts between companies, and neither party can change the terms. In the tourism industry, smart contracts have a huge space. Travelers and travel agents will record all transactions in one block; loyalty programs and visitor points can be stored in the block; commission agreements between airlines, hotels and booking agents will also be very clearly defined when Get the fee; the company agreement with the travel agency can be saved forever, without doubt or hidden fees.

While providing services to consumers, travel agencies are turning to cryptocurrencies and blockchains. Cool Cousin is an exciting example. The popular application of Cousin connects tourists with locals, and locals can become “relatives” of tourists, what can be fun and what can be lived. This application is currently undergoing ICO to create the first P2P travel agency. Their plan is to create a decentralized ecosystem of locals and tourists based on the platform CUZ. This will enable local people to monetize through their unique knowledge and skills and keep all users' costs cheap. Visitors can then receive a fully personalized concierge service based on their special holiday wishes. The era of personalized tourism is coming.

3. Prevent fraud
Last year, 55 million consumers made hotel reservations through sites they thought belonged to the hotel, but in reality these sites were operated by fraudsters. This fraudulent reservation caused a loss of $6 billion.

Blockchains can be used to avoid this, help consumers verify ownership, and more. Moreover, by storing documents and identities in chunks, travel agencies do not have to manually check whether these reservations are flagged as potential fraud. Visitor information can be securely accessed through the blockchain and the losses caused by fraud will be significantly reduced.

4. Overbooking
For those who may be kicked off because no one is willing to give up their seats, this is a headache. The government is even taking regulatory measures to punish airlines with these actions. Through the blockchain, passengers will have greater security, their reservations will be safely stored in a block, and airlines will be forced to abandon overbooking.

New era is coming
Travel industry companies that want to remain competitive and that do not have a safe and streamlined way of travel for governments and consumers alike want to build blockchain technology in their niche markets. Now is the best time.