(This post was originally published on Nasdaq)
Nowadays, the tourism industry develops at a swift rate. According to the report of the UNWTO (World Tourism Organization), it provides about 10% of the global GDP and 30% of the total export of services. For some countries, such as Aruba, Malta, the Maldives, Cape Verde, and others, tourism is the major source of income, socioeconomic growth, and the main catalyst for the infrastructure development.
More and more people visit other countries for tourism purposes every year. While a century ago, traveling was a luxury, accessible only to a small segment of the population, now it has become a part of the lifestyle for millions. The number of international tourist arrivals (overnight visitors) is expected to exceed 1.8 billion by 2030.
As the tourism industry develops steadily, it requires new ideas, technologies, and know-how. So there was a need for GPS navigators, that replaced inconvenient paper maps. Nowadays, online reservation systems like Booking.com or Expedia help you book accommodation quickly and easily. More than that, travelers discovered such services as Airbnb and Uber, began to actively use mobile money for payments.
The above services have already made their mark, while the innovative blockchain technology only recently joined our everyday life. The world is overwhelmed with news about companies that begin to implement it in their business. The modern life dictates its rules, and only that one can succeed, who is in step with the times.
Blockchain revolutionizes the industry
Both travelers and service providers are winning from using blockchain. The tourism industry operates a large amount of personal data and defenseless information and there is always a risk of attack, hacking or data leakage. The blockchain can provide security, privacy, and accuracy of shared information.
It can not only save your personal data but your money, as well. With decentralized technologies, users will have a much cheaper and more appealing alternative of booking flights and accommodation than traditional Booking.com or Airbnb. All the payments are made in a smooth and fast way, thanks to algorithms which form the basis of the blockchain network. Furthermore, since the usage of the blockchain excludes the participation of third parties, travelers won’t have to pay extra commission fees.
It will be a mistake to believe this technology is something unattainable from the distant future. Similar solutions already exist in the tourism market. Rentberry company, for example, has created the version of Airbnb based on the blockchain. The smart contracts help handle relations between tenants and landlords in a more reliable and transparent manner, with all agreements being written on the blockchain ledger.
One more interesting startup came from Switzerland. The Winding Tree uses the blockchain to make travel cheaper for consumers and more profitable for suppliers. This decentralized open-source travel distribution platform allows airlines and hotels to connect with travel operators and agencies directly, without centralized control of big monopolists, excessive fees and barriers for entry. Winding Tree established partnerships with Lufthansa, Air New Zealand, Swiss International Air Lines and Austrian Airlines to supply the travel industry with new technologies.
Travel with crypto
There are many obvious benefits for the blockchain application in the tourism sector, but the most anticipated advantage is a cryptocurrency payment. The number of crypto owners is increasing daily. According to the recent studies, in 2017 the total value of all cryptocurrencies grew by over 3300% to over $600 billion. In the USA alone, over 16.3 million citizens own digital coins and tokens.
All up-to-date companies implement the blockchain technology, which has already successfully competed with old payment methods. First of all, technology greatly facilitates the transfer process. Secondly, there is no need to exchange currencies multiple times. In such a way, it facilitates international payments, saves travelers’ time and cuts off additional commissions. Thirdly, the introduction of the crypto payments in the particular regions will make it more attractive for tourists, and especially for cryptocurrency owners. This market niche is still vacant and those who occupy it will definitely become innovation drivers with a bright future.
Actually, such groundbreakers already exist. Particularly, in March 2018 the German National Tourist Board (GNTB) announced that they’re now accepting cryptocurrencies as a form of payment for its services. The main goal is to represent Germany as an attractive travel destination and they believe being crypto-friendly will contribute to that.
A similar idea is in the heart of the Noah Project powered by the non-profit Noah Foundation. By implementing several blockchain projects they will allow locals, foreigners, and travelers to take advantage of innovative digital technologies. They will be able to send and receive money transfers in virtual currency, use it to transact products and services and even enjoy a luxury vacation in the Philippines.
The Noah Project creators agree that ”the rise of blockchain is inevitable. Today people expect to access what they need in a fast, simple and convenient way. If a person wants to get his confidential data protected, he should get it. If an expat wants to transfer money to his family at home easily, he should get it. And, obviously, if he wants to pay for traveling with virtual money – we should think about that. You cannot ignore these technological trends, as they’re not going anywhere. But you should be among the first to bring them to the world.”
From the very beginning in 2016, the company has been developing the Noah Ecosystem with its own infrastructural token – Noah Coin. The ecosystem encompasses different services, including beach vacations. The Dakak Beach Resort in the Philippines is a partner of the Noah Project in the creation of the Noah Resort, where the company’s token will be accepted. The Noah Coin provides the resort guests with a wide range of leisure opportunities, including 3 tennis courts, horseback riding, golf course, rock climbing, kayaking, scuba diving, river and sunset cruises. There is no need to worry about currency exchanges on the Noah Resort. You should only have a wireless connection and a blockchain wallet to enjoy an entirely new travel experience.
Don’t miss your chance to join the crypto paradise – Noah Coin is available for purchase on several exchanges: HitBTC, Changelly, Livecoin, Mercatox, Yobit and BTC-Alpha. To stay in touch with the team and get the latest news, join the Noah Project on social media: Telegram, Facebook, Twitter.