Tourism is undoubtedly crucial for emerging economies and developing countries. It creates jobs, strengthens the local economy, boosts local infrastructure development, and upholds the natural environment and cultural assets of a nation. However, the industry has taken a big hit during the COVID-19 pandemic and is currently still on its way to recovery.
A much-needed helping hand comes surprisingly from blockchain, an emerging technology that is known to improve digital systems and boost profit across many different industries. Tourism on blockchain can add increased transparency, improve security and enhance efficiency in payments, and reduce costs. What allows these benefits are the innate immutability, transparency and scalability of blockchain.
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 relevant for Mallorca, as according to Mallorca.com, tourism accounts for 75% of Mallorca’s total economic output
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 event’s main speakers was Joe Holles de Peyer, the Chief Operating Officer of the blockchain platform Gate2Chain. He noted that Mallorca’s tourism sector is huge because it houses some of the biggest hotel chains in Europe. In this light, de Peyer went on to say that Gate2Chain can positively impact Mallorca with its ability to allow for secure and transparent transactions,
“It is time for blockchain to come of age and begin solving real-world problems for industry leaders, and there’s no better place for this to start than the tourism sector. Mallorca is a world leader in travel and tourism and has been at the forefront of the industry for over a century,” de Peyer emphasized.
“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, which means that 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 in a transparent and tamper-proof manner.
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.
In light of efficient and bang-for-buck deals, blockchain allows businesses to facilitate secure and efficient payments in the tourism sector. By implementing blockchain-based payment systems, tourists can make direct peer-to-peer transactions without intermediaries—thus significantly reducing transaction costs and making processing times nearly instant.
Thanks to last year’s event in Mallorca, the island’s tourism leaders saw the potential of tourism on blockchain. Gate2Chain’s efforts to leverage blockchain in Mallorca’s businesses, services, attractions, and its overall tourism will go a long way as it establishes trust and stronger relations with the island.