Airlines and travel enterprises continue to spend billions of dollars to gather payments while losing over a billion a year to credit card fraud . CoinTelegraph talked to blockchain modernizers about the application of a “frictionless” loyalty ecosystem.
The key payment and fraud-related topics will also be discussed at the 10th annual Airline & Travel Payments Summit (ATPS) , co-hosted with UATP. This event will take place in Barcelona on April 26-27 and will offer three conference tracks:
> Payments Track,
Fraud Track,
Travel Agency & OTA Track.
Main sectors of Blockchain application in the tourism industry
Gregory Simon , CEO and co-founder at Ribbit.me , identifies four main sectors that Blockchain could be applied in: money, passports, reservations and insurance .
Money: Blockchain travel application is about money. Bitcoin payment from a smartphone to a foreign currency exchange is an expensive procedure. If it is not possible to pay with Bitcoin , another cryptocurrency application is more beneficial through worldwide Bitcoin ATMs or converting fiat money from Bitcoin to local currency through a crypto exchange. Another crypto application is Loyalty Network at Ribbit. Passports: On the blockchain we could be storing important documents such as passports, visas, permits, identification cards, and driving licenses. Reservations: Travel DAC (distributed autonomous corporation) like Ethereum blockchain shows the way. By this, a traveler could be more efficiently organized. Insurance: Travel insurance through decentralized peer-to-peer are viable alternatives, as it is cheaper and offers more transparency. Bitcoin is a borderless technology Christopher Franko , Blockchain scientist at Ribbit.me, notes that bitcoinCT r: 8 is a borderless technology. That’s what makes it so powerful for the travel industry.Franko explains to CoinTelegraphCT r: 33 : “I can have one dollar or one million dollars in my pocket and travel to any other country in the world […]
