How Blockchain can Help Travel Brands create Smoother and more Secure Digital Experiences for Travel
and small to invest in cybersecurity measures. To keep up with the pace of the growth in online travel, it is thus essential for the industry as a whole to address the security measures more holistically and work towards the development of more advanced technologies.
One such technology that is gaining industry attention is blockchain. We’re sure many of you must have heard about it but are probably not aware of what it is all about. Well, hopefully this article will help you understand it better.
Not the most sonorous word even for the tech savvy millennials, Blockchain technology is the result of years of security research and cryptography. According to the definition, blockchain is a digital ledger in which transactions made in bitcoin or another cryptocurrency are recorded chronologically and publicly.
In 2008, when the financial industry saw a huge crisis, anonymous person or group of persons named Satoshi Nakamoto developed the worldwide cryptocurrency and digital payment system ‘Bitcoin’. This whole new thing opened a magnum of opportunities where people could carry out transactions without involving a third party.
What made it of greater interest is that Bitcoin is not a fiat currency controlled by a nation or state and the underlying technology involved is called blockchain. Revolutionizing the arena of financial services, this new technology is most profoundly used in the field of cyber security.
How safe is blockchain to implement in the travel sector?
As the blockchain databases are distributed amongst thousands of computers, the reliability is almost 100%, at least theoretically. Nevertheless, it is important to un