Blockchain is a term that has been making waves in various industries lately. This new technology has the potential to revolutionize the way things are done, and the hospitality and travel industries are no exception. In this article, we will explore the ways in which blockchain technology can improve transparency, security, trust, convenience, and operations in these industries.
What is blockchain?
In simple terms, blockchain is a method of securely storing, protecting and disseminating digital data. It offers a more reliable and secure alternative to traditional methods of data storage. It works by creating consecutive, time-stamped blocks of data that build on each other. These blocks cannot be altered without disrupting the entire chain, making it a highly secure way of storing data. Unlike centralized storage systems, blockchain keeps data with all parties involved, ensuring that any changes made to the data are identically reflected at all points.
Let’s take a look at a few ways in which blockchain technology will impact hotels:
Blockchain Makes Hotel Payments Simpler and More Secure
Blockchain technology is the foundation of cryptocurrencies like Bitcoin, which offer a higher level of security compared to traditional financial transactions. Hotels can accept cryptocurrency as a form of payment, facilitating faster and safer monetary exchanges with their guests, vendors, and other parties. By adopting blockchain technology, hotels can better protect guests’ private information and build trust. Even without the use of cryptocurrencies, blockchain can enhance standard credit card transactions, especially when it comes to international payments.
Blockchain Adds Transparency to Online Hotel Reviews
Online reviews are crucial for hotels, with 91% of consumers reading them and 84% trusting them as much as personal recommendations. However, fake reviews have become a major issue on platforms like Yelp, Google, and TripAdvisor, tarnishing the reputation of hotels unfairly. Blockchain-based review sites are revolutionizing the industry by increasing transparency and trustworthiness. These sites ensure that the reviewers have actually stayed at the hotel, providing more accurate and reliable feedback. Hotels can also use blockchain technology to publicly address and resolve any negative experiences that guests may have had.
Blockchain Facilitates Cheaper Online Hotel Bookings
Online travel booking websites have transformed the way consumers plan their trips. However, these platforms often charge commissions to hotels and other businesses in the travel industry, leading to increased rates for consumers. Blockchain-based travel booking sites are set to change this by eliminating middlemen and associated costs. This direct connection between consumers and businesses will help provide the best rates without the extra fees. Additionally, the use of cryptocurrency can eliminate transaction fees, leading to even lower prices for travelers.
Don’t Forget the Importance of a Trained and Knowledgeable Staff
While blockchain technology offers numerous benefits for hotels, it is essential not to overlook the value of a well-trained and knowledgeable staff. The expertise and skills of your employees play a crucial role in delivering exceptional guest experiences. If you need assistance in recruiting top talent for your hotel, the experts at Gecko Hospitality can help.
In conclusion, blockchain technology has the potential to revolutionize the hospitality and travel industries. By adopting this innovative technology, hotels can simplify and secure their payment systems, increase transparency in online reviews, and facilitate cheaper online bookings. However, it is important to remember that blockchain is just one piece of the puzzle, and investing in skilled and knowledgeable staff is also essential for providing outstanding guest experiences.