Blockchain is the next best thing that can happen to the planet after the genesis of computers and the Internet. Blockchain can change the way information is stored and accessed. Business companies invest more money in innovation and integrate their innovations into day-to-day business operations.
FREMONT, CA: The awe-inspiring technology offers numerous benefits to all business sectors and is not exempted from it by the hospitality industry. Blockchain manages financial transactions as well as real payments effectively with its ability to work on a decentralized network. Blockchain technology is good for handling personal information from consumers that can improve the hospitality industry. The network makes it possible to incorporate additional info on user reviews, which can be used for future analysis.
While blockchain is very new to the travel and hospitality industry, hotels and restaurants are increasingly embracing this technology to transform the hospitality sector along with airline companies, travel agencies, and tourism agencies.
The guest monitoring function enables hotels to track real-time guest locations. At every step, the hotels receive warnings such as when the guest goes to the airport, check-in to the plane, and when the guest arrives at the hotel. This feature improves customer experience by increasing hotel check-in waiting times for the guest.
The role of guest monitoring enables hotels to track guest locations in real-time. The hotels receive warnings at each step, such as when the guest arrives at the airport, check-in to the aircraft, and when the guest comes at the hotel. This feature improves customer experience by increasing the waiting time for the guest to check-in at the hotel.
Some restaurants may benefit from the use of blockchain technology to control and track food. Starting with food production and h
arvesting on the farm, the restaurants are affected. It is possible to create a blockchain network, including food
producers, transportation providers, and restaurant owners, which will effectively monitor the movement of agricultural products. Food quantity, types, and grade information can be easily accessed from the private blockchain network.
Smart Contracts Functionality
One of the blockchain technology’s most interesting features is that smart contracts are self-performing codes based on the terms agreed between service providers and consumers. The agreement can be inserted in the blockchain network between the hotel and the travel agencies, and the smart contracts would automatically record this transaction and process payment instantly. This feature can significantly reduce transaction time and improve efficiency, enhance coordination between the travel agent and hotels, and boost sales.