{"id":18655,"date":"2022-02-18T17:32:45","date_gmt":"2022-02-18T17:32:45","guid":{"rendered":"https:\/\/www.openbusinesscouncil.org\/?p=18655"},"modified":"2022-05-04T21:37:19","modified_gmt":"2022-05-04T21:37:19","slug":"technological-advancements-in-blockchain-to-render-growth-and-development-in-tourism-understanding-the-basics","status":"publish","type":"post","link":"https:\/\/www.footballthink.com\/technological-advancements-in-blockchain-to-render-growth-and-development-in-tourism-understanding-the-basics\/","title":{"rendered":"Technological Advancements In Blockchain To Render Growth And Development In Tourism: Understanding The Basics"},"content":{"rendered":"<h2><strong>Technological Advancements In Blockchain<br \/>\n<\/strong><\/h2>\n<p><strong>Technological Advancements In Blockchain : <\/strong><strong>\u201c<em class=\"markup--em markup--p-em\">Imagine a world where your luggage never gets lost. You never have to wait for your hotel loyalty rewards to materialise. All your passports and visa documents are digitised. That\u2019s the kind of world blockchain aims for<\/em>\u201d, Mayank Singhal, member of the Blockchain Research Institute at Toronto.<\/strong><\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"aligncenter wp-image-18656 size-full\" src=\"https:\/\/www.openbusinesscouncil.org\/wp-content\/uploads\/2022\/02\/Technological-Advancements-In-Blockchain-To-Render-Growth-And-Development-In-Tourism-Understanding-The-Basics.png\" alt=\"Technological Advancements In Blockchain\" width=\"1200\" height=\"676\" srcset=\"https:\/\/www.footballthink.com\/wp-content\/uploads\/2022\/02\/Technological-Advancements-In-Blockchain-To-Render-Growth-And-Development-In-Tourism-Understanding-The-Basics.png 1200w, https:\/\/www.footballthink.com\/wp-content\/uploads\/2022\/02\/Technological-Advancements-In-Blockchain-To-Render-Growth-And-Development-In-Tourism-Understanding-The-Basics-300x169.png 300w, https:\/\/www.footballthink.com\/wp-content\/uploads\/2022\/02\/Technological-Advancements-In-Blockchain-To-Render-Growth-And-Development-In-Tourism-Understanding-The-Basics-1024x577.png 1024w, https:\/\/www.footballthink.com\/wp-content\/uploads\/2022\/02\/Technological-Advancements-In-Blockchain-To-Render-Growth-And-Development-In-Tourism-Understanding-The-Basics-768x433.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p>Technological Advancements In Blockchain<\/p>\n<p class=\"graf graf--p\"><strong class=\"markup--strong markup--p-strong\">Here\u2019s the ugly truth: <\/strong>Initially, the blockchain technology was curated to only run Bitcoin. However, considering its advantages, scalability, and potential uses, researchers anticipated that it would significantly impact the travel industry. And guess what, they weren\u2019t wrong!<\/p>\n<p class=\"graf graf--p\">Blockchain technology has taken the tourism and travel industry by storm. So, let\u2019s understand the what, why, and how of blockchain in the travel industry.<\/p>\n<h3 class=\"graf graf--h3\"><strong class=\"markup--strong markup--h3-strong\">The What<\/strong><\/h3>\n<p class=\"graf graf--p\">Simply put, blockchain is a list of time-stamped transactions between parties. These transactions are known as blocks and can be for anything related to a sale of goods, services or even data. And each of these blocks is stored in one place.<\/p>\n<p class=\"graf graf--p\">Everything before this sounds like a cloud storage application, right? Now, this is where the tables turn (for good, of course)\u200a\u2014\u200aInstead of being stored in a centralised database (like in cloud storage), blockchain transactions are decentralised.<\/p>\n<p class=\"graf graf--p\">What does that mean? This simply means that each block of data is connected to the next, essentially forming a \u201cchain\u201d- just like link and locks.<\/p>\n<p class=\"graf graf--p\">Fascinating, right? Read on to discover the advantages of blockchain in this domain.<\/p>\n<h3 class=\"graf graf--h3\"><strong class=\"markup--strong markup--h3-strong\">The Why<\/strong><\/h3>\n<ul class=\"postList\">\n<li class=\"graf graf--li\"><strong class=\"markup--strong markup--li-strong\">Travel Industry\u200a\u2014\u200aA Natural Fit for Blockchain<\/strong><\/li>\n<\/ul>\n<p class=\"graf graf--p\">Inevitably, travel comprises data sharing amongst multiple parties, ranging from travel advisors, online travel package providers, airline companies, credit card companies to hotels and car rental agencies. Considering the number of parties involved, the process is in definite need of streamlining.<\/p>\n<p class=\"graf graf--p\">This is where blockchain-powered platforms like LynKey come into play. By making the accessing, storing, and sharing of information more accessible and reliable, LynKey allows parties to transact directly with each other. It conveniently eliminates the need for intermediaries.<\/p>\n<p class=\"graf graf--p\">What\u2019s more? Transactions are logged in real-time, putting an end to duplication, deletion, malicious activities, and all the confusion.<\/p>\n<ul class=\"postList\">\n<li class=\"graf graf--li\"><strong class=\"markup--strong markup--li-strong\">Blockchain Provides Transparency and Privacy at the Same Time<\/strong><\/li>\n<\/ul>\n<p class=\"graf graf--p\">Making payments in and out while travelling is entirely normal, be it for the hotel accommodation or taxi fare. This indicates that financial transactions are the key to the travel industry.<\/p>\n<p class=\"graf graf--p\"><a class=\"markup--anchor markup--p-anchor\" href=\"https:\/\/medium.com\/@LynKey\/the-budding-relationship-between-tourism-and-blockchain-d5088df248b4\" target=\"_blank\" rel=\"noopener\" data-href=\"https:\/\/medium.com\/@LynKey\/the-budding-relationship-between-tourism-and-blockchain-d5088df248b4\">LynKey<\/a> not only simplifies the payment process but also makes it more secure and traceable, including international payments. That is, you will be able to see your transaction entry in the public ledger. But this entry will not be visible to others to keep it private and secure.<\/p>\n<ul class=\"postList\">\n<li class=\"graf graf--li\"><strong class=\"markup--strong markup--li-strong\">Blockchain has the Power to Enable Innovation<\/strong><\/li>\n<\/ul>\n<p class=\"graf graf--p\">Despite being a multimillion-dollar industry, travel and tourism is being dominated by monopolies. In fact, <strong class=\"markup--strong markup--p-strong\"><em class=\"markup--em markup--p-em\">90% of the travel and tourism companies and online portals are owned by Booking.com or Expedia.<\/em><\/strong> This kills the scope of innovation down with it.<\/p>\n<p class=\"graf graf--p\">Smart contracts leveraged LynKey to emerge as a literal knight and shining armour for the travel industry. By unsheathing its power from blockchain, LynKey aims to tokenise over $8+ billion of luxury tourism and property experiences worldwide. With its initial projects in Vietnam, LynKey will span through Singapore, Australia, South Africa, and other parts of the world soon.<\/p>\n<h3 class=\"graf graf--h3\"><strong class=\"markup--strong markup--h3-strong\">The How<\/strong><\/h3>\n<ul class=\"postList\">\n<li class=\"graf graf--li\"><strong class=\"markup--strong markup--li-strong\">By Facilitating a Seamless Travel Experience<\/strong><\/li>\n<\/ul>\n<p class=\"graf graf--p\">From visa, flight tickets, comfortable and safe transportation, accommodation, and restaurants to world-class entertainment, blockchain has the potential to revolutionise the way people travel.<\/p>\n<p class=\"graf graf--p\">LynKey, a blockchain certification and utility system, is here to offer unique solutions. While you book, buy property rights to use, get timesharing resorts, hotels, marinas, holidays, and other related services, the ecosystem ensures that you have a frictionless travel experience.<\/p>\n<ul class=\"postList\">\n<li class=\"graf graf--li\"><strong class=\"markup--strong markup--li-strong\">By Offering Reward Points in Real-Time<\/strong><\/li>\n<\/ul>\n<p class=\"graf graf--p\">Customer loyalty programs are the bread and butter of the tourism and travel business. By leveraging the power of blockchain, LynKey aims to simplify and further streamline the process.<\/p>\n<p class=\"graf graf--p\">How?<\/p>\n<p class=\"graf graf--p\">The instant you pay your bill at the hotel using LynKey, your points will appear instantly in your LYNK wallet.<\/p>\n<p class=\"graf graf--p\">You\u2019ll not have to wait for 2\u20133 days for the information to be updated and your points to roll in! Blockchain has got it covered.<\/p>\n<ul class=\"postList\">\n<li class=\"graf graf--li\"><strong class=\"markup--strong markup--li-strong\">By Digitisation of Timeshare, Licensing, and Leasing<\/strong><\/li>\n<\/ul>\n<p class=\"graf graf--p\">Another way blockchain aims to revolutionise the travel industry is by the introduction of ownership of the timeshare. Simply put, timeshare is a shared ownership model wherein multiple purchasers buy usage rights for the same property.<\/p>\n<p class=\"graf graf--p\">LynKey allows its users to buy a timeshare in resorts, hotels, marinas, holidays, golf events, experiences, and other travel-related services. It offers a new and advanced capability to increase customer satisfaction and save costs.<\/p>\n<p class=\"graf graf--p\"><strong class=\"markup--strong markup--p-strong\">The <\/strong><a class=\"markup--anchor markup--p-anchor\" href=\"https:\/\/www.intelligenthq.com\/metaverse-nfts-experiences-lynkey-smart-tourism-solutions-new-world\/\" target=\"_blank\" rel=\"noopener\" data-href=\"https:\/\/www.intelligenthq.com\/metaverse-nfts-experiences-lynkey-smart-tourism-solutions-new-world\/\"><strong class=\"markup--strong markup--p-strong\">Future<\/strong><\/a><strong class=\"markup--strong markup--p-strong\"> is Now; The Future is Blockchain<\/strong><\/p>\n<p class=\"graf graf--p\">Blockchain technology may still be in its infancy; however, the way it\u2019s infiltrating the travel and tourism industry is undoubtedly intriguing. Exploring this new method of storing data that is secure, transparent, and decentralised will be an adventure, irrespective of the industry. But as far as the travel and tourism industry is concerned, blockchain is going to prove to be an instrumental pillar in the success of early birds like LynKey.<\/p>\n<p class=\"graf graf--p\">The \u201cLYNK\u201d to a global premium digital assets ecosystem and community that offers exclusive travel experiences is here.<\/p>\n<p class=\"graf graf--p\">The million-dollar question is\u200a\u2014\u200aare you ready for the future? Are you ready to leverage this worthwhile and promising technology?<\/p>\n<p class=\"graf graf--p\">If yes, LynKey is the ideal solution for you.<\/p>\n<p class=\"graf graf--p\">To know more, visit <a class=\"markup--anchor markup--p-anchor\" href=\"https:\/\/lynkey.com\/\" target=\"_blank\" rel=\"noopener ugc nofollow\" data-href=\"https:\/\/lynkey.com\/\">lynkey.com<\/a><\/p>\n<p class=\"graf graf--p\">Download the app and indulge yourself in the unlimited benefits of the ecosystem.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Technological Advancements In Blockchain Technological Advancements In Blockchain : \u201cImagine a world where your luggage never gets lost. You never have to wait for your hotel loyalty rewards to materialise. All your passports and visa documents are digitised. That\u2019s the kind of world blockchain aims for\u201d, Mayank Singhal, member of the Blockchain Research Institute at [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":18656,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":""},"categories":[4563,1,3822,3501],"tags":[3691,20817,20816,20963,19862,10404],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v18.1 (Yoast SEO v19.7.2) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Technological Advancements In Blockchain To Render Growth And Development In Tourism: Understanding The Basics - OpenBusinessCouncil Directory<\/title>\n<meta name=\"description\" content=\"Technological Advancements In Blockchain To Render Growth And Development In Tourism: Understanding The Basics\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.intelligenthq.com\/lynkeys-revolutionising-ecosystem-to-enhance-travel-experiences-with-blockchain\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Technological Advancements In Blockchain To Render Growth And Development In Tourism: Understanding The Basics\" \/>\n<meta property=\"og:description\" content=\"Technological Advancements In Blockchain To Render Growth And Development In Tourism: Understanding The Basics\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.intelligenthq.com\/lynkeys-revolutionising-ecosystem-to-enhance-travel-experiences-with-blockchain\/\" \/>\n<meta property=\"og:site_name\" content=\"OpenBusinessCouncil Directory\" \/>\n<meta property=\"article:published_time\" content=\"2022-02-18T17:32:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-05-04T21:37:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.footballthink.com\/wp-content\/uploads\/2022\/02\/Technological-Advancements-In-Blockchain-To-Render-Growth-And-Development-In-Tourism-Understanding-The-Basics.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"676\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Hernaldo Turrillo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Hernaldo Turrillo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.intelligenthq.com\/lynkeys-revolutionising-ecosystem-to-enhance-travel-experiences-with-blockchain\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.footballthink.com\/technological-advancements-in-blockchain-to-render-growth-and-development-in-tourism-understanding-the-basics\/\"},\"author\":{\"name\":\"Hernaldo Turrillo\",\"@id\":\"https:\/\/www.footballthink.com\/#\/schema\/person\/b9610afd0759dc701187a7f622375c23\"},\"headline\":\"Technological Advancements In Blockchain To Render Growth And Development In Tourism: Understanding The Basics\",\"datePublished\":\"2022-02-18T17:32:45+00:00\",\"dateModified\":\"2022-05-04T21:37:19+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.footballthink.com\/technological-advancements-in-blockchain-to-render-growth-and-development-in-tourism-understanding-the-basics\/\"},\"wordCount\":939,\"publisher\":{\"@id\":\"https:\/\/www.footballthink.com\/#organization\"},\"keywords\":[\"blockchain\",\"Lynk\",\"Lynkey\",\"Metaverse\",\"NFTs\",\"travel\"],\"articleSection\":[\"Open Innovation\",\"Open News\",\"Resources\",\"Technology\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.footballthink.com\/technological-advancements-in-blockchain-to-render-growth-and-development-in-tourism-understanding-the-basics\/\",\"url\":\"https:\/\/www.intelligenthq.com\/lynkeys-revolutionising-ecosystem-to-enhance-travel-experiences-with-blockchain\/\",\"name\":\"Technological Advancements In Blockchain To Render Growth And Development In Tourism: Understanding The Basics - 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He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. 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