3 advantages of blockchain technology
Posted: Mon Jan 27, 2025 9:36 am
Blockchain technology , by its very nature, offers a series of advantages or characteristics that can be transferred to any sector, including tourism and technology . This is why, by 2022, an annual growth of 51% is expected in different markets according to a study carried out by MarketWatch.
1. Data persistence
The data stored on the blockchain network is decentralized across multiple nodes; therefore, since there is no single point of failure, we can say that data persistence is assured.
2. Immutability
The algorithms used by the blockchain are designed to prevent modifications to the blocks. This is done thanks to a chain of trust, which guarantees that the stored data has not been modified.
3. Decentralization
Decentralization in blockchain occurs because there is no single entity that has control over all information processing, but rather it is distributed across different nodes.
Applications of blockchain technology
Other technologies or different applications have been developed on blockchain and some of them can be very interesting for the tourism sector . Here are some of them:
1. Smart Contracts
Smart Contracts are a type of contract managed through blockchain technology ; in this way, intermediaries (notaries, banks or similar) disappear, which can reduce costs and times. These smart contracts work through contractually pre-programmed actions and aim to provide greater security to traditional contracts.
2. Unique digital ID
There is a lot of talk about some projects based on digital cambodia phone number data identity such as the Alastria project , led by the main companies of the IBEX 35. This system would simplify the procedures to be carried out by tour operators, providing them with all the information about the same individual.
3. Cryptocurrencies
Cryptocurrencies are virtual currencies that can be exchanged like any other traditional currency, but are outside the control of governments and financial institutions. If an exchange is made, it is recorded on the blockchain network with complete transparency.
Blockchain in the tourism industry
Blockchain and tourism have the potential to become a very advantageous combination, as this technology can provide security and transparency at certain key points. For example, when a travel agency books flights and hotels for a client, it sends their data to the different companies. Blockchain can make the transfer and storage of this information easier and safer, as responsibility is shared across an entire network. The same goes for overseas payments, which increases the level of trust between all parties.
In this other video you can see a brief explanation of how blockchain can benefit the tourism industry:
1. Data persistence
The data stored on the blockchain network is decentralized across multiple nodes; therefore, since there is no single point of failure, we can say that data persistence is assured.
2. Immutability
The algorithms used by the blockchain are designed to prevent modifications to the blocks. This is done thanks to a chain of trust, which guarantees that the stored data has not been modified.
3. Decentralization
Decentralization in blockchain occurs because there is no single entity that has control over all information processing, but rather it is distributed across different nodes.
Applications of blockchain technology
Other technologies or different applications have been developed on blockchain and some of them can be very interesting for the tourism sector . Here are some of them:
1. Smart Contracts
Smart Contracts are a type of contract managed through blockchain technology ; in this way, intermediaries (notaries, banks or similar) disappear, which can reduce costs and times. These smart contracts work through contractually pre-programmed actions and aim to provide greater security to traditional contracts.
2. Unique digital ID
There is a lot of talk about some projects based on digital cambodia phone number data identity such as the Alastria project , led by the main companies of the IBEX 35. This system would simplify the procedures to be carried out by tour operators, providing them with all the information about the same individual.
3. Cryptocurrencies
Cryptocurrencies are virtual currencies that can be exchanged like any other traditional currency, but are outside the control of governments and financial institutions. If an exchange is made, it is recorded on the blockchain network with complete transparency.
Blockchain in the tourism industry
Blockchain and tourism have the potential to become a very advantageous combination, as this technology can provide security and transparency at certain key points. For example, when a travel agency books flights and hotels for a client, it sends their data to the different companies. Blockchain can make the transfer and storage of this information easier and safer, as responsibility is shared across an entire network. The same goes for overseas payments, which increases the level of trust between all parties.
In this other video you can see a brief explanation of how blockchain can benefit the tourism industry: