Tourism plays a vital role in emerging economies and developing countries. It generates jobs, strengthens local economies, boosts infrastructure development, and supports a nation’s natural environment and cultural heritage. However, the industry suffered significantly during the COVID-19 pandemic and is still in the process of recovery.
A much-needed helping hand comes surprisingly from blockchain, an emerging technology that improves digital systems and boosts profit across many industries. Tourism on the blockchain can increase transparency, improve security, enhance payment efficiency, and reduce costs. What allows these benefits are blockchain’s innate immutability, transparency and scalability.
Last year, the Switzerland-based firm Bitcoin Association held a two-day event in Mallorca, Spain to highlight how the BSV blockchain can benefit the tourism industry. This event is significant for Mallorca, as tourism represents 75% of the island’s total economic output, according to Mallorca.com.
Tourism, in general, can undoubtedly bolster a country’s economic growth. But for Mallorca, the numbers highlight how tourism is the heart of its economy. Thus, leaders in the area must know how blockchain can disrupt Mallorca’s tourism industry.
One of the main speakers at the event was Joe Holles de Peyer, the Chief Operating Officer of the blockchain platform Gate2Chain. He highlighted the significance of Mallorca’s tourism sector, noting that it is home to some of the largest hotel chains in Europe. In this context, de Peyer emphasized that Gate2Chain has the potential to positively impact Mallorca by enabling secure and transparent transactions.
“Blockchain technology is ready to mature and address real-world challenges faced by industry leaders. The tourism sector is an ideal starting point for this transformation. Mallorca, a global leader in travel and tourism, has been a pioneer in the industry for over a century,” emphasized de Peyer.
“There is a lot of value to be delivered to these companies and to Mallorca as an island to help improve the industry. This includes more transparent outcomes and boosting engagement among citizens. Mallorca is now in a position where it can lead that process,” de Peyer added.
Blockchain is an immutable and transparent ledger, meaning travelers can be confident that their data is safe and that they are getting the best possible deal out of their money. Through a decentralized and immutable ledger, all transactions, bookings, and interactions between service providers and stakeholders are recorded transparently and tamper-proof.
This transparency can immensely bridge trust among tourists and Mallorca’s tourism businesses, as they can ensure that the services offered and reviews of attractions are legitimate and authentic. As Gate2Chain aims to leverage this feature with its blockchain tools, confidence in Mallorca as a tourist destination can further be augmented.
Blockchain technology offers efficient and cost-effective solutions for secure payments in the tourism sector. By using blockchain-based payment systems, travelers can conduct direct peer-to-peer transactions without the need for intermediaries. This significantly lowers transaction costs and enables nearly instantaneous processing times.
Thanks to last year’s event in Mallorca, the island’s tourism leaders recognized the potential of blockchain technology in enhancing tourism. Gate2Chain’s initiative to integrate blockchain into Mallorca’s businesses, services, and attractions will significantly contribute to building trust and fostering stronger relationships within the island’s tourism sector.
