Rob Lewis Sudakow

If you haven't noticed Blockchain is one of the new catchphrases thrown around at every travel conference you go to, but it's probable that most of those throwing the word around actually understand blockchain or how it could revolutionize the travel industry. The travel industry isn't alone in its excitement over blockchain. The buzzword is making its way into the vocabulary of many industries with good reason. But the big question is how and why.

Wikipedia's definition of blockchain "a growing list of records, called blocks, that are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. By design, a blockchain is resistant to modification of data." Now I like to consider myself fairly technically savvy for having not any background but this really isn't much help. I got timestamp but this doesn't help me much and makes blockchain far more complicated than it needs to be. A layman's definition of blockchain breaks it down into simpler terms. Essentially blockchain is a list of public records, also known as a public ledger, where transactions between parties are listed or stored. Each record, known as a 'block' within blockchain terminology, is secured using cryptography. The applications are vast and will have an impact on everything from voting to how you book your room reservations and flights. I have shared a great little video below to give an overview of the potential implications of blockchain technology.The most critical piece to remember when it comes to blockchain is that it is a transfer of information that is decentralized, permanent, time-stamped and unalterable. The nature of the data recorded in the blockchain means that data is more secure, traceable and transparent. 

Travel and Tourism accounted for approximately $8 Trillion of the world economy in 2018 and 10% of the worlds work force a 6% increase from 2017 and no foreseeable signs of slowing. The travel industry is directly tied to global consumption growth and as wealth and populations continue to grow, demand for travel products will continue to expand. With statistics like this it should come as no supersize that there is a rush to jump into the market, the industry has a long history of failing to drive change and transform internally. “The travel and hospitality industry as a whole has taken a lot of criticism for its inability to drive innovation from within,” — Lio Chen Managing Director of Plug and Play Travel. But this may be about to change, many of the major players have begun taking notice and since 2008 the “travel-tech” sector has attracted over $19B+ in investments and with Amazon and Google both deciding to step back into the industry these numbers are only going to grow. While it’s been slow moving Travel Tech is likely on the verge of bringing T&T into the modern era. Plug and Play has a vertical dedicated to travel startups, Airbnb is only the first in a series of tech companies to start disrupting the status quo. The market is prime for disruption as personalization, AI and Blockchain are all integrated into what will be a new era of tech innovation. 

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