Travel Industry and Blockchain Technology
It wouldn’t be wrong to say that blockchain technology is one of the most disruptive technologies we have witnessed in the recent past. With the launch of bitcoins, cryptocurrencies shook the entire financial world. Recently, a lot is being discussed about blockchain technology in travel and tourism sector. But, how practical is it? In this blog, we will cover a few points that we came across regarding blockchain and travel industry. Blockchain Technology: In a nutshell In simple words, blockchain refers to an expanding list of public records. This mainly contains an updated series of transactions that takes place between two parties. Whatever is there on a single record, or block, is absolutely encrypted. Each of the blocks within a ledger are arranged in a continuous fashion that is tightly packed using blockchain keys. Such keys go by the name ‘hashes’. Every new block has a hash from the preceding block. Blockchain is all about decentralized data storage. What it means is that the