THE FUTURE

Companies already active in this sector are trying to paint a future picture of a time when every business in travel globally can connect directly in a secure way using free-flowing data, with the promise of instant monetisation. A time where services and information will all be fed into the network and will be available in the form of smart contracts [44].

Can we imagine a time when a voucher [45] from a TMC is used to purchase a meal on a plane using a NFT and redeemed using a QR code? During this process, the cost is transferred from the wallet of the TMC to the wallet of the airline issuing the food and beverage. This could be an NFT tied to a global event, for example.

In the future, blockchain could allow hotels to settle all bills and usage of amenities and servicers used at hotels. Verification and payments could be instant. If digital currencies are used then local payment fees could also disappear.

Even today, business travellers who don’t possess corporate credit cards are required to put all their expenses on their personal card, then claim back from their employers. A dedicated blockchain could allow companies to virtualise all payments, making transactions secure and reliable, with full traceability on the overall cost of a business trip. Smart contracts could also dictate what could be expensed for, and what could not, with instant payments. Simultaneously, blockchains can encode aspects of loyalty programmes including lounge access, priority boarding and elite status. It’s like ‘knowing your customer on steroids’ using blockchain.

Could blockchain’s rise emerge in a well-governed, cohesive sector like European rail, where there is a high degree of cohesiveness and control rather than in a globally disparate sector like airlines? Time will tell.

Brendan Martin, Reed & Mackay Global Head of Data and Business Intelligence

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