Travel goes Web3: How this blockchain is leading the way
Being stuck at home for almost two years due to the COVID-19 pandemic, people around the world are eager to experience new cities, countries and cultures. The flexibility of working from home now allows travelers to plan around a less home-bound lifestyle. However, age-old problems, including delayed or canceled transportation, lost luggage and check-in mixups, continue to trouble the travel industry, which is expected to tap $850 billion in revenue by the end of 2023.
People rightly have high expectations for their travel experience, including low cost, better security, transparency and personalisation. These demands can be met with the help of peer-to-peer (P2P) connections, decentralized networks, fast transactions and interoperable systems that enable seamless data exchange.
Global online travel market size 2021 vs. 2027. Source: Renub Research
That's why the travel industry needs blockchain solutions. The transparent, scalable and secure nature of blockchain technology can reduce costs, increase efficiency and foster collaboration to provide a more streamlined and personalised experience for travellers.
However, current blockchain networks fail to meet the needs of the highly-specialized nature of the travel industry, which works with fragmented processes across multiple stakeholders and where trust and regulatory compliance are crucial. A uniquely-designed blockchain is needed today to act as a layer 1 infrastructure to address the specific requirements of the travel industry.
Seeing how blockchain can improve the current travel experience for all parties, industry pioneers, stakeholders and Web3 professionals come together to launch an inclusive blockchain ecosystem named Camino Network to pave the way for innovation
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