Do you have a clear understanding of what Blockchain is and how it can impact on the travel industry?
Don’t worry if you’re not fully up-to-date yet! Ask even the most technically-savvy expert to succinctly explain Blockchain and it is a bit like trying to solve a Rubik’s cube. The reason for that is that there are several dimensions to the concept including technological, business, economic and, many believe, even social.
What is clear is that this emerging technology holds tremendous promise to change the way we can ‘exchange value’ digitally. The technology will likely continue to develop and will gradually make its way into existing industry applications.
Can we expect a big bang switch? Unlikely!
Still, if you want to be prepared for the Blockchain era, Amadeus’ latest study, Blockchain: harnessing its potential in travel’, recommends travel companies all look at five areas:
Understand: The pace at which decentralised technology is moving is significant! So, make sure you build the knowledge and capabilities to understand the impact Blockchain will have. This is particularly important when it comes to gaining senior management buy-in for possible projects further down the line.
Explore: At this stage in the evolution of Blockchain, nobody has all the answers. So, arrange workshops and consult with experts on how data technologies apply to travel.
Collaborate: Blockchain is inherently a system that requires collaboration between industry partners, and even competitors, for its true value to be realised. Take the potential for enhanced settlements in travel as an example. This requires players to remain open and collaborative.
Experiment: If the right opportunity presents itself then conduct a trial, perhaps alongside a technology partner, to build awareness and understanding within the organisation.
Recruit: As with other emerging technology fields such as cybersecurity, the pool of Blockchain technical talent is limited today. If decentralisation is likely to be important to your organisation then the time to secure the right talent and relationships with technology partners is now.