Cryptocurrency Technology and the Travel Industry

https://www.travelpulse.com/news/features/how-cryptocurrency-is-changing-the-travel-industry.html

https://www.statista.com/outlook/mmo/travel-tourism/worldwide

Pixabay

Amazingly, the travel and hospitality industry voted the highest in a recent survey in regards to eagerness to adopt cryptocurrency payments and decentralized systems. According to recent information and studies, the travel and tourism industry has grown to $630 billion, the largest segment is hotels with over $320 billion and the market will move to 75% booking online soon. Companies including airlines and hotels have begun looking into using decentralized platforms and cryptocurrencies to streamline their operations, and this trend will only accelerate in the future.

Cryptocurrency and decentralized networks can be used for virtually any financial application. Travel insurance, currency exchange, ticket sales and usage and entertainment microtransactions are some areas companies and individuals could use cryptocurrency to smooth over transactions. Airlines are even proposing giving cryptocurrency rewards for miles and trips and using NFTs for ticketing records. Covid-19 is over, and the world is returning to normal. People are looking to travel and get back into the hospitality industry, and cryptocurrencies are being evaluated for usage. Decentralized platforms can remove the cost of travel agents, currency exchanges, and can ensure a seamless travel experience. Decentralized applications are all about increasing transparency and removing the middleman, and this will be very helpful going forward.

Lynkey has been working to establish an NFT marketplace for travel-related expenses and assets. They specialize in luxury travel ammentities and have been working with blockchain applications as well. Lynkey is an Etherium project with a token that supports their ecosystem. Users can pay for ammentities and reserve luxury accomodations using the blockchain, which removes the currency exchange problem and makes reservations easy and quick. The ecosystem is evolving and this is a working example of a travel decentralized application. Check out the Lynkey project here: https://lynkey.com

Remittances and investments have traditionally been the industries most utilizing cryptocurrencies. Expect to see many new travel innovations in the future as the travel and tourism industry continues to recover in 2022 and beyond. Platforms like Lynkey will continue to refine their offerings. I envision myself paying for margaritas by the beach with Dogecoin while checking my itenetiary on a dapp.

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