Thematic Intelligence: Blockchain in Travel and Tourism (2024)

Thematic Intelligence: Blockchain in Travel and Tourism (2024)

Summary

This thematic research report takes an in-depth look at the theme of blockchain and the impact it has on the travel and tourism industry. This report analyzes the players impacted by this theme alongside the contributing trends, negative destination trends, unintended opportunities, and trends that have emerged as a result of blockchain. It then dives deep into an industry analysis, presenting several real-life case studies looking at how destinations and companies have responded to the impact of this theme on their operations. Recommendations are then offered for the travel sector, alongside a description of companies mentioned throughout. This report focus is on blockchain.

The globalization and digitization of travel and tourism are both driving the demand for easy-to-use and cheap international transaction processes and payment systems. Blockchain technologies are predicted to substantially transform the tourism industry. With the hype around blockchain subsiding, adoption is quietly increasing, focusing on practical benefits and efficiency gains rather than technological novelty. This shift from complete overhauls to narrower but clearer industry-specific applications, often developed in-house, reflects a maturing landscape. In the tourism industry, although many tourism vendors have been accepting blockchain-and the potential of using blockchain in travel-related consumption has been intensively documented-existing knowledge of travelers’ intention to use blockchain is limited. Traditional models do not account for the idiosyncrasies of blockchain and are therefore less appropriate. Blockchain technology, which by itself consists of a multitude of protocols, platforms, consensus mechanisms, and cryptographic primitives, is far from being fully developed. The blockchain market is in its early stages, with some areas maturing. It features established blockchain companies, new entrants, Big Tech, and financial firms. As the market evolves, new participants will emerge, and the landscape will change significantly over the next two years. Blockchain is a method of storing information that makes it difficult to alter the information or cheat the system. The technology can be viewed as a digital record of transactions-like a ledger-that is decentralized, meaning no central authority, such as government or bank, validates a transaction. Instead, transactions are shared or distributed among all participants on a peer-to-peer (P2P) basis within the network.

Scope

• This thematic report provides an overview of the impact blockchain has on the travel sector and seeks to understand some of the contributory factors. The key trends within this theme are split into three categories: technology trends, macroeconomic trends, and regulatory trends. Several case studies are included to analyze the multiple ways countries and companies have responded to the impact of this theme’s growth and what they are doing to grow with this theme.

Reasons to Buy

• Understand the current blockchain trends within the travel landscape today and how these will escalate in the near future. Assess how travel and tourism companies such as tour operators, OTAs and DMOs are utilizing blockchain to drive revenues. Acknowledge the necessity of using blockchain by understanding the social, cultural, and environmental effects on the destination. Discover recommendations for businesses involved in blockchain. GlobalData’s thematic research ecosystem is a single, integrated global research platform that provides an easy-to-use framework for tracking all themes across all companies in all sectors. It has a proven track record of identifying the important themes early, enabling companies to make the right investments ahead of the competition, and secure that all-important competitive advantage. All across the travel and tourism supply chain, organizations now have an opportunity to capitalize on blockchain, and there are some notable examples of this. Therefore, all should buy this report to fully understand how this theme will continue to be a key theme in the future travel landscape.