/Tag: blockchain


The Hype Behind Blockchain: What Is it and Why Is it Important to the Travel Industry?

Rob Sudakow | September 16, 2019

By Rob Sudakow If you haven’t noticed Blockchain is one of the new catchphrases thrown around at every travel conference you go to, but it’s probable that most of those throwing the word around actually understand blockchain or how it could revolutionize the travel industry. The travel industry isn't alone in its excitement over blockchain. The buzzword is making its way into the vocabulary of many industries with good reason. But the big question is how and why. What is Blockchain: Wikipedia’s definition of blockchain “a growing list of records, called blocks, that are linked using cryptography. Each block contains a cryptog...

Blockchain and Real Estate: Don’t Let Bitcoin Blind You to the Usefulness of Blockchain

Savills Vietnam | September 6, 2018

Bitcoin and crypocurrencies may not interest you, but the underlying blockchain technology should. Imagine that, early this year, you sold a property for $10m and opted to take payment in Bitcoin. Perhaps your $10m of Bitcoin was transferred to you on January 6, when a Bitcoin was worth $17,135.84. If you didn't use those funds by, say, the next Tuesday, your store of Bitcoin would have fallen in value by 16%. If you waited another week to spend those coins, you would find they'd plummeted 55% in value. Of course, had the sale taken place exactly a year earlier, you could have watched your $10m of Bitcoin turn into more than $200m by t...

Mid-Year 2018: Brands, OTAs, Marriott, Blockchain, Robotics and Sustainability

Robert A. Rauch | July 10, 2018

By Robert A. Rauch Online travel agencies (OTAs) outspend brands by a wide margin and continue to steal market share from brands. As Marriott is becoming more of a global brand with 30 brands and a home-sharing company in their portfolio, we see a new war developing. Airbnb, a behemoth home-sharing company, is regularly getting beat up by cities who are adding regulations quickly. They will become an OTA by 2020 and begin to compete with Expedia and Booking rather than Marriott, Hilton, and the hotel community. After all, they only charge three percent for their services and could get 10 as an OTA! At the Lodging Industry Investment Cou...

The Applicability of Blockchain in the Hospitality Sector

Shravan Poorigali | February 28, 2018

By Shravan Poorigali Enterprises across every industry are exploring ways to leverage blockchain technologies for business benefits. As proof, $2.1 billion has been spent globally on blockchain solutions in 2018, according to IDC. This is a clear indicator that this emerging technology is here to stay and bring increased opportunities with it. One industry expected to benefit greatly from blockchain, is the hospitality sector. Blockchain is frequently used in business scenarios that involve multiple parties participating in a transaction. Using distributed-ledger technology, blockchain technology removes the middleman in transactions, s...

How the Blockchain Will Change the World of Hotel Distribution

Harvey Norman | February 26, 2018

By Harvey Norman Lowering costs is one of the biggest challenges that face the hospitality industry while considering opportunities for maximizing revenues. Hotel managers need to think of innovative ways to cut down on costs without affecting the quality of their services. Adopting the blockchain platform as a means of distribution is expected to lower the costs hotels endure directly and indirectly. But switching from the current system and traditional distribution channels is another challenge that lies ahead of hotel managers and their marketing teams. The Cost of Blockchain: As hoteliers consider the benefits of switching their dis...

6 Hotel Booking Trends We’re Watching in 2018

Gautam Lulla | February 5, 2018

By Gautam Lulla Significant changes look set to transform the travel industry in 2018. Blockchain technology, China's booming tourist sector, and the continuing travel ambitions of Airbnb, Facebook and Google all look set to define the coming 12 months. Here are six major trends we will be keeping an eye on in 2018. 1. Review platforms attempting to dethrone TripAdvisor The dominance of the world's biggest travel review site will be heavily challenged in 2018. Along with the less-than-stellar performance of its hotel booking product, TripAdvisor's reputation suffered following revelations that it censored reviews concerning rape allegat...

Only One Thing Will Disrupt OTAs (and It Ain’t Blockchain)

Douglas Quinby | January 30, 2018

by Douglas Quinby OTA bashing is about as old as OTAs themselves. It's been bountiful fodder for media hype and conference roundtable hysterics for decades. We've heard it all before, from airlines, hotels and the myriad technology companies, startups and consultants that seek to serve them: OTAs are expensive, innovation-stifling gatekeepers who add far more cost than they deliver in value to travel brands or consumers. So many innovations – from GNEs (anyone remember those?) and NDC to metasearch and loyalty programs – were supposed to spell the death knell for OTAs. Just one thing: it never happened, and all those...

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