For many countries, tourism acts as the centerpiece of their economies. It enables nations to highlight the beauty of their nation whilst boosting fiscal production. It allows for job creation, local economy boosts, and nature’s conservation.
However, global tourism has taken a major hit due to the COVID-19 pandemic. And even though travel restrictions and the pandemic have been declared over, tourism in many countries is still in its early stages of recovery. As development and adoption of emerging technologies grow, blockchain technology has been found to be of use in aiding the tourism industry’s recovery.
While tourism on blockchain can indeed boost local economies, not any kind of blockchain would do. It has to be able to scale to meet global data and transaction demands. For instance, popular blockchain BTC will not be a practical and effective choice.
Because the BTC Blockchain is unscalable, it will not be able to handle the big data generated and the number of transactions needed by a huge industry like tourism and it will also be too expensive. Why? If there is a surge in transactions being processed, not only will the network experience latency, but fees will also become higher.
The difference between a scalable and unscalable blockchain can be better illustrated in numbers. The BTC Blockchain has a 2MB data size cap, a throughput of seven transactions per second (TPS) and a current average fee of $2.43 per transaction.
The BSV Blockchain, the largest public blockchain that has unlocked the ability to scale unbounded, is already processing 4GB data blocks at 50,000 to 100,000 TPS with fees averaging at $0.000015 per transaction. And because BSV can scale depending on demand, these figures will only continue to get higher. Inversely, transaction fees are further lowered when the network scales.
This is the beauty and power of a scalable blockchain, and this is also why blockchain solutions firm Gate2Chain chose the BSV Blockchain to build its tourism platform on. Together with Switzerland-based global industry organization Bitcoin Association, Gate2Chain showcased its platform in Mallorca, Spain.
Tourism is at the heart of the economy of Mallorca. In 2019, the island received over 13 million tourists, which generated over €14 billion—equivalent to roughly $15 billion. Tourism accounts for about 30% of Mallorca’s GDP and the industry employs over 200,000 people.
“The tourism sector has long been a leader in innovation, so Mallorca was the perfect place for this gathering. Unsurprisingly, we witnessed a big appetite for learning and interest in the rapid deployment of blockchain solutions. This is their new growth engine,” Gate2Chain CEO Joe Holles de Peyer said.
de Peyer then proceeded to explain how Gate2Chain’s products, though blockchain’s transparency, immutability, decentralization and scalability, can aid Mallorca’s tourism by pinpointing three core market needs.
Trace – a digital twin solution that brings lifetime value and ownership guarantees for products
Minta – a new kind of social commerce platform where people and companies can tokenize products, services and tickets
The G2C Suite – an enterprise-grade means of connecting new and existing applications, services, and platforms on a public blockchain
Trace ensures that the products that tourists purchase are authentic and sold at a fair price. Because blockchain records are immutable and almost impossible to tamper with, they reduce instances of counterfeiting and fraud.
Minta, on the other hand, focuses on the tokenization of services. A Kpop band, for example, can create digital representations of concert tickets, albums, posters and other merchandise. This makes it a lot easier for fans—both local and international—to purchase these products. Once sold, these products and services can be monitored and tracked easily, which prevents venues, such as hotels and resorts, from overbooking.
Lastly, the G2C suite connects new and existing applications, services and platforms and weaves products like Trace and Minta together for an accessible array of tools for businesses to use. With an easy-to-use interface, it does not need one to have advanced technical skills for it to be effectively applied to any kind of business.
With the world slowly recovering, efforts to aid different industries through innovative solutions are necessary. Tourism, which suffered greatly during the pandemic, is one of the industries where blockchain applications can greatly help.
By boosting business efficiency, making products and services more accessible to global consumers, and minimizing acts of fraud and counterfeiting, businesses can attract more tourists. Ease of booking and the hassle-free purchase of various tourist activities and services will also build brand loyalty and attract repeat customers.
“There is a lot of value to be delivered to these companies and to Mallorca as an island to help improve the industry. This includes more transparent outcomes and boosting engagement among citizens. Mallorca is now in a position where it can lead that process,” de Peyer stated.
With Gate2Chain’s vision of tourism on blockchain, the economies of Mallorca and other tourist cities around the world will be able to recover faster. This means more enjoyable experiences for tourists, more jobs for locals, and higher profit margins.
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