APPLICATION OF BLOCKCHAIN TECHNOLOGY IN THE HOSPITALITY INDUSTRY

Abstract

Blockchain technology, its economic, social and technological implications, along with artificial intelligence and 5G mobile technology, have become revolutionary trends in the last few years. Blockchain technology is primarily associated with Bitcoin, as it is built on the blockchain platform. However, this technology goes far beyond cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Ripple, as it can assist businesses in strategic planning and management. In 2018, the World Economic Forum and Gartner (an information technology, research and consulting company) announced blockchain as one of the most popular technologies. The hospitality industry should focus not on the technology itself, but on how it can be used to benefit consumers and suppliers, while creating new tourism products or systems. Blockchain technology can be used in online customer reviews, smart contracts, blockchain-based travel portals, online payment processing for hotel reservations, and supply chain management