How blockchain technology affects the travel industry

Everybody’s talking about blockchain but not everyone understands its true meaning. Our team at Fayyaz Travels believe in the importance of adapting to the times, so in our bid to join the revolution, we will want to try our best to explain the subject from the lens of the international travel advocate. In a nutshell, blockchain offers a way for people who do not know one another to agree on a digital history that is common to everyone. The technology has significance in that it has the potential to minimise, if not eliminate altogether, the forgery of transactions and digital assets. Payments are made via the use of cryptocurrencies or ‘coins’.

Major cryptocurrencies used

Bitcoin is perhaps the best-known cryptocurrency; it is used to make payments without needing to know where the people conducting a transaction live. The first of its kind, Bitcoin’s existence has resulted in the emergence of other coins such as Litecoin, Ethereum, Zcash and Ripple. Ethereum is the next most important cryptocurrency and it was created to help spark, execute and implement smart contracts.

Cryptocurrencies to affect lifestyle sectors

More and more retailers are accepting Bitcoin and other cryptocurrencies. With their rapid emergence in the marketplace, there will be a real alternative to traditional banking and fiat monies. Also, ordinary people can now reap the benefits of using cryptocurrencies. The hallmark of this development is the ability to send and receive payments from other people and companies without needing a middleman. All the major cryptocurrencies are being used to send and receive money without requiring a bank or other payment system in between. In the long run, this could result in increased activities in lifestyle sectors, such as travel and hospitality..

Potential game changers

As far as the global travel industry is concerned, the blockchain technology helps pad international travelers from currency fluctuations. Also, they can save more time making arrangements online and would no longer need to carry large sums of foreign currency during their overseas travels. Thanks to decentralized ledgers maintained by blockchain technology along with wider acceptance of digital wallets and seamless transactions, the future looks bright for blockchain technology users on the go.

Safety is a surety

The nice thing about relying on cryptocurrencies is they are quite safe to use. Only computers are capable of working out their puzzles and there are no weaknesses in the network. So, you do not need to worry about thieves breaking into a vault and stealing all your money. And when traveling, your chances of being robbed are next to none. There have been cases where large accounts have been hacked to siphon huge amounts of monetary value, but for the average individual traveller just looking to see as much of the world as possible, there’s nothing to worry about.

What it means to the travel companies

Today, well-known travel companies across the world are taking to cryptocurrencies in a big way. They believe in the blockchain technology and have launched never-before-seen projects. Case in point: BedSwap, which allows the travel industry to transfer its hotel inventory to various points of sale depending on how much demand there is at a particular place.

In short, it is certain to us that cryptocurrencies are going to play a big part in our future travels, which means things are looking up. Here in Singapore alone, travelers from all over the world can already expect to pay for indulgences via cryptocurrencies at various cafes, bars, and lounges. It appears that the future is definitely now.

Even Fayyaz Travels has jumped on the blockchain technology bandwagon; in a bid to lead a possible technological revolution in Singapore, we are now accepting payments in cryptocurrencies for all bookings done through us. To get to know more the value of this method, we would advise our customers and aspiring travelers to check out CoinBase, a very popular cryptocurrency exchange rate app that allows travelers to review and manage their digital currency trades on the go. (it is downloadable on both iOS and Android systems).

At Fayyaz Travels, we prioritise efficiency in every way to best serve our customers. We accept payments in Bitcoin, Litecoin and Dogecoin.