A Blockchain-Based Tourism Industry

Abstract

Blockchain technology is highly regarded for its potential to revolutionize various economic sectors and meet consumer needs. In the tourism industry, blockchain has attracted investor attention due to its characteristics, such as decentralisation, disintermediation, security, transparency, and immutability. Blockchain applications like smart contracts, tokens, cryptocurrencies, decentralised applications (Dapps), and decentralised autonomous organisations (DAOs) have the potential to transform the relationship between tourism providers and tourists by improving trust, automating processes, and reducing costs. However, widespread adoption of blockchain in tourism is limited due to several challenges, including a lack of awareness and expertise, high energy consumption, and a lack of regulatory frameworks for data management and income taxation. Despite these challenges, blockchain technology's potential benefits make it an essential area to watch in the future.