The evidence of dramatic change is all around us and it’s happening at exponential speed. Previous industrial revolutions liberated humankind from animal power, made mass production possible, and brought digital capabilities to billions of people. This Fourth Industrial Revolution is, however, fundamentally different. It is characterized by a range of new technologies that are fusing the physical, digital, and biological worlds, impacting all disciplines, economies, and industries.
The travel industry relies upon different companies passing information between one another. For example, travel agents need to pass customer details on to flight companies and hotels, while the personal belongings of travelers are often passed between companies and tracked too. Blockchain can make accessing and storing important information easier and more reliable because responsibility for storing it is shared across the whole network. Of course, financial transactions are a vital part of the travel industry too, and blockchain technology has the capacity to not only simplify but also secure payments. This is especially true when dealing with overseas payments. As a consequence of this, blockchain has the potential to improve the level of trust among all parties. Several startups are bringing blockchain-based loyalty tokens to the market, with the idea that it will make it easier for customers to transfer and trade the value in their vouchers. Customers can choose to invest their earned value in what they need right now, rather than what they have previously spent money on. Overall this will lead to happier and more satisfied customers.
To ensure trust, a lot of paperwork needs to be checked and managed by multiple entities, including government agencies, banks, and so on! When it comes to blockchain, you do not have to deal with so many intermediaries. It is a trustless platform. This means that you know what you are doing and what you are getting into. You can verify the owner of a property before making the deal. The agreements are transparent and are tamper-proof. With blockchain, real estate can see many changes, including bringing in a more efficient process with the help of automation. With proper tokenizations, real-world assets can be stored and traded on the blockchain. Tokenization also means that other kinds of information can be stored online, including real estate funds.
I’m optimistic. It feels a lot like the early ’90s to me. You’ve got all the smartest venture capitalists, programmers, business executives, entrepreneurs all over this thing. That’s always a sign that something big is going on. Is it an irrational exuberance? Is this worth making a documentary?