Using Blockchain Technology to Decentralize the Travel Industry
The complexity of operating in a huge centralized market makes it inevitable for the parties involved to go to the extremes in their efforts to remain relevant within the markets.
The globalization processes that is facilitated by the possibility of connecting individuals and businesses across different parts of the world is responsible for both the expansion and saturation of most markets in the world today. Hence, even as opportunities continue to increase in the global online processes, the corresponding influx of innovations and different solutions makes it apparent that the business environment would be a characterized by a survival of the fittest.
A huge global market
Travel and Tourism accounts for 10% of the world’s GDP, and 1 in every 10 jobs. Compared with the year 1950 when the first commercial jet debuted, the global international tourist arrivals has risen from 25 million to 1.24 billion. This accounts for a direct revenue generation of $2.3 trillion dollars, and an indirect contribution of $7.6 trillion to the global economy. This accounts for 10.6% of the world’s total GDP. The above-mentioned statistics gives an insight on what it means to be a major player within the travel and tours industry, and why participants are doing “anything” possible to remain relevant.
In other to meet the increased demands of tourists and travelers to different parts of the globe, several travel agencies have emerged. More significant in this turn of events is the influx of several internet-based agencies and other tourism related service providers. These platforms make it easy for travelers and tourists to easily find suitable travel plans and convenient arrangements. These services include flights and accommodation booking (TripAdvisor), adaptive accommodation (Airbnb), internal transportation logistics (Uber), events, activities and other basic services (Yelp).
The consequences of competition
These businesses and the numerous others that they represent have been responsible for the exponential growth that the industry has experienced so far. Being able to completely plan the execution a trip from start to finish even before packing a bag takes away the anxiety that used to be associated with visiting a foreign land. Travelers are now taking advantage of the convenience offered by these platforms to the fullest.
Certain practices adopted by these online agencies are however the reasons for the existing reluctance within the industry in recent times. This is mainly because of the predominant business models that they employ. Depending on external reviews and recommendations leaves room for possible malpractice in any centralized system. Falsifying client information and paying for forged reviews are some of the results of the unhealthy competition in the industry. In the end, it is the travelers and tourists that are usually at the receiving end by realizing services that do not meet their original expectations.
Restoring trust and confidence
Cool Cousin is eliminating the doubts that have been created over time by their centralized counterparts through the blockchain technology. By re-modelling the operational processes of gathering information and acquiring services in the tourism industry, sanity is being reintroduced and customer satisfaction restored.
The Cool Cousin project involves the peer-to-peer interaction between a traveler and an individual service provider. These service providers are actual locals with the responsibility of providing genuine real time information and various services to interested members of the platform. A cryptographic underlying token, CUZ will be implemented in incentivizing these local experts called Cousins on the smart contract P2P platform.
With a growing user base and thousands of daily interactions waiting to be tokenized, Cool Cousin is ideally positioned to become a place where mainstream travelers adopt cryptocurrency by taking part in the thriving global network that provides superior travel services, powered by the crypto token CUZ. The company also recently announced that Yelp’s former VP Sales will join the team to help build out the business marketplace.
This implementation is bound to regenerate the travel and tours industry, restoring the trust and confidence of travelers in seeking the services of agencies. The difference this time is the uniqueness of a decentralized ‘agency’ where travelers and locals connect with each other for satisfactory exchange of value.
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