Since its inception in 2009, the world of Cryptocurrency is growing at a wild pace as a whole. This, sequentially, has made many tech aficionados to invest in it and be a part of something futuristic yet mystical. And, this number will grow even more in the upcoming decade.
But, how will it affect the travel industry?
Well, Cryptocurrency is already being utilized as a core form of payment in the technological industry. Tech giants like Tesla and SpaceX have already offered their stance in this aspect. We are expecting others to move forward in the near future as well.
And, the payment can be done by almost anyone. All you need to do is install an application like Ethereum Code, create an account, and voila. Just ensure that you’re making the payment with the same Crypto the company is accepting, and you’ll be fine.
Crypto And Corporate Travel - How Will It All Change?
In January 2022, the CEO of Airbnb, Brian Chesky, asked about what the organization should launch this year, on Twitter. And, the result? Well, most people asked them to install a feature to be able to reimburse booking through Cryptocurrency.
This finding can go hand-to-hand with another research report, which suggests that almost 22% of people want to pay with Crypto for traveling. Fortunately though, the industry didn’t waste too much time reacting to such a massive demand.
For example, a traveling platform, known as Expedia, is already allowing their consumers to reimburse for booking hotels through Bitcoin. And, some airlines, such as Norwegian Air, LOT Polish Airlines, and AirBaltic have made the same move as well.
What Are The Benefits, Though?
Paying via Cryptocurrency will obviously lead to some sort of benefit for both the consumer and travel industry. The following ones could be a few of them.
-
With Cryptocurrency, the payment procedure will be truly transparent. For instance, you’ll be able to check the payment before making any move and don’t have to worry about any abrupt changes as well.
-
Unlike traditional currency, Crypto is much more valuable and interesting. Therefore, with the introduction of this system, the loyalty program would become much more exciting, especially from an user’s viewpoint.
-
Thanks to the implementation of Cryptocurrency, there’s no need to utilize physical tickets anymore. In the same way, the issue with manual transformations will be done and dusted as well. There’s no need to deal with delays anymore!
-
Thanks to the implementation of Cryptocurrency, it’ll also be easier for the authorities to include smart contracts. With it, you’ll be able to keep an eye on the requirements of traveling. And, you’ll only be able to get a ticket if you meet those properly.
As a whole, though, the payment system will become much better than usual. People will be able to go through the documents quicker than usual and pay through a dedicated application whenever they’re ready. No more delays or confusions!
FAQs - Frequently Asked Questions
In this section, we’ll talk about some other aspects of our titular subject in a question-answer format. Hopefully, this will make it easier for you to learn everything properly and quickly.
How Will Cryptocurrency Affect Travel Business?
With Crypto, it’ll be much easier for you to verify a transaction instantly and make the whole financial procedure much faster and simpler.
How Blockchain Will Change The Travel Industry?
Through the implementation of the blockchain technology, the whole infrastructure will be much more balanced. The procedures will get simplified, which will enable the customers to access information quickly and book their ticket accordingly.
Our Final Thoughts
Like any industry, blockchain and Cryptocurrency will penetrate through the travel industry within a year or two as well. Hence, it’s always better if you can adapt to the same as quickly as possible. This way, it’ll be easier for you to get to a newer and broader clientele quickly.
Besides, blockchain is also much safer to use, especially when compared to the conventional system. It’ll also be much safer to transfer while maintaining an excellent protective system as a whole. So, it’ll definitely be a win-win for the industry and the consumers of the same!
