How can blockchain help restore the travel industry post-COVID?
There has been an undeniable buzz about blockchain technology in the past few years. It seems almost as though people are just beginning to understand the technology and what it could do, and they’re now buying into it more than ever.
While many have called this a case of “too little, too late,” the truth is that adoption and recognition are better late than never. The fact that the world has now started knowing about blockchain and its use is still a great thing and should be celebrated.
2020 came with a significant wake-up call for everyone. The year made it clear that the old way of doing things is no longer valid. If companies and countries will like to optimize their operations and get things done, they will need to innovate and be better.
Impact of Covid-19 on Tourism Industry
The novel coronavirus continues to rage on, with many countries and companies essentially shutting down and hoping to wait out the storm. Various companies had to close their operations entirely due to the pandemic. People could no longer move around, and airline firms had to either cut costs or find other drastic measures to stay functional. If any industry has got affected by this pandemic the most, it is the tour and travel industry.
Globally, travel and tourism’s direct contribution to GDP was approximately 2.9 Trillion U.S. dollars in 2019. According to the Mobility Market Outlook on COVID-19, the global revenue for the travel and tourism industry will be an estimated 396.37 billion U.S. dollars in 2020 – a decrease of around 42.1 percent from the previous year. Additionally, this is significantly lower than the original 2020 forecast of around 712 billion dollars. Likewise, the accumulated employment generated by ten countries, including the U.S., in 2019 was around 87,527 thousand which has drastically fallen due to this pandemic.
Payments with Cryptocurrencies
Perhaps the most prominent solution for blockchain is through payment optimization. Blockchain powers cryptocurrencies, which provide incredible solutions on their own. There is a start-up company named BitcoinAsia which is working to establish collaboration between blockchain technology and the tourism industry.
BitcoinAsia is creating a design by applying blockchain technology to solve this problem. Nurtured from the seed of a single great idea – to empower the traveler, they are developing a platform through which a traveler could book entire travel packages using cryptocurrencies. This innovative solution allows a cryptocurrency holder to travel the world with ease and make his traveling experience smooth.
According to the founder & CEO of the company BitcoinAsia, “Mr. Vinay Chandra Lal” – BitcoinAsia is the world’s first crypto-based travel package company that allows a traveler to book a whole tour package through cryptocurrency. Some companies offer a person to book flights and hotels through cryptocurrency. Still, none has accepted cryptocurrency to book full travel packages, including Flights, Hotels, Local Transportation, Meal plans, Local Guide, Visa, and Travel Insurance. With BitcoinAsia, you can do just about everything. You can pay for your flights, book your tickets, make reservations at a hotel, arrange for a tour, pay for your meals, pay entry fees – sanctuary or national park, museum charges, monument pass charges, etc., and even handle your travel insurance bills through cryptocurrency. The service does all of this through one platform, ensuring that you don’t have to go through different media to get different services completed. They will currently accept four digital assets – BTC, ETH, USDT, and BTCA. There’s always the opportunity for us to add more payment options, but given that these are some of the most liquid payment-based cryptocurrencies available, they should more than suffice.
The company has planned to launch its travel platform this year.