Blockchain to Improve Efficiency in Travel Agencies.
There are now many inconveniences in the travel process, which affect consumers, suppliers, intermediaries and technology providers. But there is a growing consensus that the chain of blocks could be the innovation to address these day-to-day requirements.
Notably, Blockchain could facilitate the ongoing process of PCI DSS compliance, at least for TMCs and other incumbents.
In a block-enabled world, where cardholder data is no longer stored in traveler profiles housed in corporate databases but belonging to the traveler and stored in the distributed network along with reservation transactions.
Always at some point a company enters into an agreement with a TMC, airline or other provider, it generally needs to give you access to employee data so that they can provide the expected service. Whether that process is manual or automated through system integration between the two, building a well-functioning profiling process takes time and effort and creates friction on both sides.
On the other hand, if employees had information about the block chain, this would eliminate much of that weakness on both sides. You would not have to create new API connections between the vendor profile database and the enterprise system for each new deployment.
Similarly, manual profile workflows would be history. There would be no need for employees to create user accounts with multiple vendors, duplicating the information along with thousands of other users at the risk of data breaches that comes with that.
In no way would they have to adopt the user interface of each new provider. Only a unified profile is available to those who have explicit access.
One of the great advantages among the most obvious and certain improvements that can be appreciated from the block chain is the ability to move money faster.
Importantly, these fintech innovations will benefit the travel industry as well, the elimination of intermediaries and their fees, real-time money transfers, immediate liquidation, aerodynamic and continuous auditing. The effects of this should be seen at all stages of payment flows and among all parties involved, including settlement processes specific to the travel industry. TMCs today have the role of guardians who drive compliance.
Also one of the important benefits is that the company’s travel manager receives real-time alerts of policy violations as they are about to happen. When an employee is trying to book a trip out of the correct channel, a direct bi-directional communication channel is established between the travel manager and the employee, knowingly or not, outside the policy.
Or maybe we’ll see a paradigm shift in travel management and reserve behavior. Reserve where you want, as long as it is within the policy. Your travel data is still collected, consolidated and instantly made available to you, as well as smart contracts.
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