Blockchain in Travel and Tourism – Thematic Intelligence

Blockchain in Travel and Tourism Report Overview

The globalization and digitization of travel and tourism are both driving the demand for easy-to-use and cheap international transaction processes and payment systems. Blockchain technologies are predicted to substantially transform the tourism industry. Blockchain is a very recent development in the digitization of the tourism industry that hinges on the pervasiveness of information and communication technologies (ICTs).

Over the past decade, technology has triggered numerous changes in the tourism industry. The internet has led to the development of e-tourism. Subsequently, the gradual replacement of websites by sensors and smartphones, and the emergence of big data, have led to the emergence of smart tourism.

The blockchain in travel and tourism thematic research report gives you an in-depth insight into the blockchain theme and the impact it will have on the travel & tourism industry. It provides a comprehensive analysis of the industry, including real-life case studies that showcase how the retailers have responded to the impact of this theme on their operations. The report also gives an insight into the key players and the competitive landscape of the leading blockchain adopters and vendors in the travel and tourism industry.

Blockchain – Key Trends

The key trends that will shape the blockchain theme during the next 12 to 24 months are classified into technology trends, macroeconomic trends, and regulatory trends.

Technology Trends: Growing adoption of permissioned blockchains, smart contract blockchains, and the blockchain as a service (BaaS) are the key technology trends impacting the blockchain theme.

Macroeconomic Trends: The consortium model in the blockchain industry, growing focus on ESG, global demand for blockchain talent, benefits of asset tokenization, and prioritizing user experience (UX) are a few of the key macroeconomic trends that will impact the blockchain theme in the coming months.

Regulatory Trends: Regulatory clarification, cryptocurrency regulations, data privacy, and blockchain standards are the regulatory trends expected to influence the blockchain theme in the future.

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Blockchain- Value Chain Analysis

The blockchain value chain consists of the infrastructure layer, the software layer, the application layer, and the services layer.

Infrastructure Layer: The infrastructure layer of the value chain includes the hardware and supporting software necessary for the operation of blockchain protocols and networks, with specific requirements varying by blockchain type. This layer comprises five sub-categories: semiconductors, nodes, storage devices, networking equipment, and data centers. While some enterprises manage nodes in-house, others prefer the potential cost-saving advantages of blockchain as a service (BaaS). BaaS is classified under the services layer of the value chain.

Blockchain Value Chain Analysis

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Blockchain in Travel and Tourism - Competitive Landscape

The key companies that will make their mark within the blockchain theme are:

• Leading Blockchain Adopters: Air France-KLM, Amadeus, and British Airways among others are a few of the leading adopters of blockchain within the travel and tourism industries.

• Specialist Blockchain Vendors: Accenture, Beenest, and Blockskye among others are a few of the specialist blockchain vendors in the travel and tourism sector.

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Sector Scorecard Analysis

At GlobalData, we use a scorecard approach to predict tomorrow’s leading companies within each sector. Our sector scorecard has three screens: a thematic screen, a valuation screen, and a risk screen.

• The thematic screen ranks companies based on overall leadership in the 10 themes that matter most to their industry, generating a leading indicator of future performance.
• The valuation screen ranks our universe of companies within a sector based on selected valuation metrics.
• The risk screen ranks companies within a particular sector based on overall investment risk.

Travel intermediaries Sector Scorecard

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Scope

• This thematic report provides an overview of the impact blockchain has on the travel sector and seeks to understand some of the contributory factors.
• The key trends within this theme are split into three categories: technology trends, macroeconomic trends, and regulatory trends.
• Several case studies are included to analyze the multiple ways countries and companies have responded to the impact of this theme’s growth and what they are doing to grow with this theme.

Key Highlights

The globalization and digitization of travel and tourism are both driving the demand for easy-to-use and cheap international transaction processes and payment systems. Blockchain technologies are predicted to substantially transform the tourism industry. With the hype around blockchain subsiding, adoption is quietly increasing, focusing on practical benefits and efficiency gains rather than technological novelty. This shift from complete overhauls to narrower but clearer industry-specific applications, often developed in-house, reflects a maturing landscape. In the tourism industry, although many tourism vendors have been accepting blockchain—and the potential of using blockchain in travel-related consumption has been intensively documented—existing knowledge of travelers’ intention to use blockchain is limited. Traditional models do not account for the idiosyncrasies of blockchain and are therefore less appropriate. Blockchain technology, which by itself consists of a multitude of protocols, platforms, consensus mechanisms, and cryptographic primitives, is far from being fully developed. The blockchain market is in its early stages, with some areas maturing. It features established blockchain companies, new entrants, Big Tech, and financial firms. As the market evolves, new participants will emerge, and the landscape will change significantly over the next two years. Blockchain is a method of storing information that makes it difficult to alter the information or cheat the system. The technology can be viewed as a digital record of transactions—like a ledger—that is decentralized, meaning no central authority, such as government or bank, validates a transaction. Instead, transactions are shared or distributed among all participants on a peer-to-peer (P2P) basis within the network.

Reasons to Buy

• Understand the current blockchain trends within the travel landscape today and how these will escalate soon.
• Assess how travel and tourism companies such as tour operators, OTAs, and DMOs are utilizing blockchain to drive revenues.
• Acknowledge the necessity of using blockchain by understanding the social, cultural, and environmental effects on the destination.
• Discover recommendations for businesses involved in blockchain.
• GlobalData’s thematic research ecosystem is a single, integrated global research platform that provides an easy-to-use framework for tracking all themes across all companies in all sectors.
• The thematic platform has a proven track record of identifying the important themes early, enabling companies to make the right investments ahead of the competition and secure that all-important competitive advantage.
• All across the travel and tourism supply chain, organizations now have an opportunity to capitalize on blockchain, and there are some notable examples of this. Therefore, all should buy this report to fully understand how this theme will continue to be a key theme in the future travel landscape