Blockchain could generate US$3.1 trillion in new business value across industry globally by 2030, according to information technology research and consultancy specialists Gartner [3]. The technology is set to be ready for greater mainstream adoption through 2023. “The rewards are simply too high to ignore and are far greater than the costs,” expresses Gartner. “It has matured enough now to support more business applications [4].”
A World Economic Forum survey suggests that up to 10% of global GDP could be stored on blockchain by 2027 [5]. However, there are no specific figures for business or managed travel. According to Research and Markets, the global travel technology market is set to reach US$12.5 billion [6] by 2026, with blockchain and AI radically transforming the sector.
Yet, business travel has still not witnessed ‘killer apps’ that have caught on industry wide. Blockchain-based wallets and smart contracts are expected to reach maturity in less than five years [7]. Overall, Gartner expects most innovations will reach maturity in up to 10 years.
