If you’re in the travel business, running a chateau-style hotel in the Alps or leading tours around the ruins of Rome, you know how important it is to make your business as accessible as possible to interested tourists all around the world. That’s why you’ve worked so hard on making your site accessible and aesthetically friendly to every country, and why you post on social media platforms like Instagram and Facebook in a variety of popular languages like English, Spanish, and French. You’ve made connections in the travel industry too, with hotels and expat-friendly bars, advertising for them while they advertise for you. And now that cryptocurrency and blockchain technology are becoming such a large part of our world, you want to use these to your advantage, too.
Already, health blockchain startups like Nanovision are changing the state of global health, and Fr8 Network has built its own blockchain-based freight network that will make shipments in the US more trackable and transparent. So when it comes to your travel business, cryptocurrency and blockchain are going to transform it in more ways than one.
Getting customer data
As people spend more time on their phones and other smart devices–we’re already spending five hours a day on mobile–every single industry is going to use apps alongside other elements of their business. When it comes to the travel industry, this is certainly the case: there are so many apps out there already, such as Hipmunk for booking cheap flights, Rick Steves’ Audio Europe Travel App for providing free walking tours in popular European cities, and Spotted by Locals for finding the best local spots, from cafes to cinemas to hidden history museums. Having an app, like sending out surveys with potential prizes on your Facebook page, is a great opportunity to gather some information about your customer base–which will, in the long run, get you more leads and financial success.
But as we get more and more information, as the use of IoT and AI become more popular, and your travel business gains new customers, it’s going to be a challenge to keep track of all that data. But there’s no need to worry: that’s where blockchain comes in and provides a solution. According to GitHub, some great benefits of using blockchain for data processing include: (1) your own control of data, results, analysis and reports instead of passing it on to a third party, (2) transparent logs, which means that actions are recorded and can’t be changed, (3) lower transaction costs because of fewer parties involved, and (4) your data will follow the FAIR principles.
Another benefit of cryptocurrencies is that, unlike government-backed currencies, they can be transferred easily, without the need for a bank to manage the exchange. According to Volusion, it works like this: “Instead of dealing with the headache to make your business able to accept an array of currencies, merchants are able to simplify things by offering cryptocurrency and not have to deal with exchange rates…This — along with the high fees and high risk associated with international orders — becomes a non-issue with cryptocurrency.”
It’s an amazing opportunity to be connected to your customers worldwide, and especially in 2018, as the use of cryptocurrency becomes more popular, it’ll make payments easier for your customers–making it more likely that they’ll choose to buy from you instead of a competitor. There’s a reason why the blockchain market is expected to be worth $20 billion in 2024–and that’s because it’s going to be even bigger in the future. The fact is, if you want to be a successful business today, you have to be aware of all the most recent technological developments in your industry. On FiveHundo, Aaron Kelly describes what it’s like to be an attorney specializing in internet law and often working with startups; he’s always attending tech-based shows to learn more so that he connects better with his clients.
More powerful social media
Finally, cryptocurrency is also going to revolutionize the way social media works–which, for a travel business, is going to make a huge difference in how you reach your potential customers. SolidOpinion’s creation and use of Engagement tokens, for example, will be incredibly useful to you.
According to Andrew Medal, serial entrepreneur and digital strategist, it works like this: “SolidOpinion has introduced a new type of pay-per-article advertising where advertisers can pay for valuable ad real estate just above a relevant article that a target audience member is consuming on a publishing site. This technology utilizes a proprietary form of cryptocurrency, Engagement Token, to fuel engagement; both publishers and audience members can earn tokens by commenting and publishing original content, and advertisers buy tokens to select their ad placements among relevant articles.”
Already, cryptocurrencies have reached a record $600 billion in market value–and it’s going to keep rising, so it’s a smart idea to start using them in your travel business.
As you can see, cryptocurrency and blockchain are going to totally transform the way you do business–which means that you’ll be more global, more connected, and more successful.
What excites you most about the cryptocurrency and blockchain boom?