Application of Blockchain Technology in Travel Industry

A Blockchain is basically a decentralized, distributed ledger of all the transactions or events which takes place within a network that involves multiple parties. The transactions that happen are anonymous hence it has very high level of security. Any transaction that takes place is verified by all the members present in the chain. However, there are some drawbacks as well like scalability. This technology can be used in different areas and one of them is the travel industry which can change the whole transaction dynamics of the traditional way the travel sector works. This paper will give the outline or an idea of the underlining concepts about this new technology and how it can be used in travel industry.