Block-it with Blockchain
Blockchain Technology and its implications in the hotel industry
Any revolutionary technology has its highs and lows. By now, the blockchain industry has ridden the success wave, and seen its fair share of ups and downs in the market. But, let’s not talk finance. Let’s talk about the role of this digital breakthrough in an increasingly global hospitality industry.
Renting a room has never been easier
Smart Contracts, a unique feature of blockchains, help with establishing immutable deals and ensure payments are handled instantly upon completion of stay. Hence, corporate bookings for stays and events, and rewards programs can be managed hassle-free, without much intervention from the accounting department.
Secret’s safe with me
Any corporate company has its own share of details to be kept confidential. Whether it’s a presentation to be projected at a conference or confidential personal information, blockchain technology keeps everything protected. Any messages exchanged between your company and the hotel, thus remain encrypted.
International corporate clients don’t have to worry about transaction fees as the absence of intermediaries makes blockchain a straightforward, cheaper alternative.
Unlike tangible ledgers that become obsolete with time, blockchain is a permanent ledger that can store up to 10% of the global GDP. This is an added advantage for large scale corporate companies which deal with huge amounts of digital transactions every day. In other words, using blockchain technology can speed up hotel transactions like maintenance, publicity, service, etc., by reducing the need for paper-based record keeping. That sure is a smart move!
Blockchain technology is no longer just for the Silicon Valley nerds. With increasing digitalization, there’s a place for it even in the hospitality business.