Cryptocurrencies and blockchain can be used in a variety of ways in travel and tourism industry. From paying for travel and accommodation services to tipping to securing and allowing for sharing of data and information among operators in order to reduce overheads.
Here's how various projects are exploring blockchain and cryptocurrencies in the area of travel and tourism.
Toa is a cryptocurrency that started in mid-2017 and hit crypto exchanges by July 2017. It facilitates booking of trips online, payment of booking and other products in cafes, payment of freelancers, sending of money, remittances with Fiat conversions and other features.
It eliminates the chances in value of fiat as we travel making exchanges in different fiats. The company is actively educating people about cryptocurrencies and also attends various expos including past ones in Bangkok, Thailand; Davao, Philippines, Santa Clara in US; and Kuala Lumpur in Malaysia.
It currently have a Windows and MAC wallets, a Block Explorer and upcoming Desktop and Mobile wallets. It will also have its own exchange, bookings and R&D.
It uses a breed of Proof of Stake and Proof of Work algorithm
JIO token is run by U.K.-based TamTam Travel, which is already offering heavily discounted packages on memberships. The tokens were created using NXT Monetary system a blockchain based token. Members can pay with the JIO token with one year membership costing only $350 and five year membership for only $1,400.
This is much cheaper than the US-based World Ventures. The latter is the world’s largest direct seller of curated group travel. Members of Tam Tam can access daily local and global discounts from over 300,000 merchants. These include cruise packages at up to 40% discount.
JIO tokens will later be used in renewing subscription or traded on the secondary markets. It will also be accepted as payment method for flights, hotels and other services on the platform.
What's more! VIP members can get rebates of 600$ in JIO Token if their flight is delayed for more than 300 hours.
TamTam already accepts variety of currencies including fiat and Bitcoin, Dogecoin, Ethereum, Litecoin and NXT among other 10.
Travel Coin works as a coin ticketing system for the travel industry where the coin or token can be used to purchase tickets, run the blockchain and provide rewards to users. It will charge only a fee of 1 percent. And it is not about just air travel: the solution is targeting traveler, bus, taxi, or just carpooling.
The company will also include real time booking, have a trip planner and eliminate travel industry pain points such as problems with canceling bookings.
The company is targeting at integrating with other systems and players in the market to create a sustainable ecosystem.
Travel Coin held its ICO in on August 15 last year and is hoping to release a travel app for mobile devices in the second quarter of this year and then integrate the ticketing system on website in the fourth quarter.
They are not affiliated in any way with the travelcoin.org which is a scam giving false information about the project.
BitAir is built on Ethereum blockchain and enables clients to spend tokens in paying for tourism and travel related services including booking air tickets and making reservations.
It started in 2016 by researching the travel and tourism industry and held a pre-sale in August (raised $2 million) and an ICO in September last year.
It was voted as the most effective payment method by Asia Pacific Travel, one of the most popular online art ticket agencies in Asia.
The company reported that it did a research that revealed that 65% of passengers preferred to pay using BitAir compared to other methods such as Visa, cash, bank transfer, etc. They leverage blockchain to lower the cost of travel and expenses. They also hope to eliminate inconviniences and delays involved in other payment methods.
Lif is an upcoming cryptocurrency for Lufthansa Group, an airline operator that has partnered with Swiss startup Winding Tree to develop the B2B blockchain marketplace for air travel space. More specifically, the company is launching a solution for hotels and iarlines to eliminate duopoly in the travel and booking industry that cost these companies a lot of money to intermediaries. It cites an example of hotels that pay up to 25 percent of total booking value to intermediaries who hold a duopoly.
It will also enable sharing of data among hotels and among airlines through a decentralized distribution platform.
The token sale is slated for 1. Feb 2018 to 15 February this year.
With the token, suppliers can distribute inventory directly to points of sale and skip costly intermediaries and data bottlenecks. Sellers of travel can access these inventories from a single platform without markup fees while travellers can use Lif cryptocurrency to pay directly for travel needs.
Pally is an innovative project for pals around the world who would travel and create socially fit experiences. In other words, a travel will connect to local people to know which places to tour thus cutting out the middle man. The local people would be rewarded through peer-to-peer payments, without commissions for the transaction fueled by internal currency called PallyCoin (PAL).
There is a Pally Social app for iOS devices currently, which already connects travelers with like-minded locals in the new cities. The locals provide tips on best things to do and places to tour or take them to those places.
In other words, it creates a web-based community marketplace. With the blockchain addition, tourists can purchase these experiences and local hosts in Pally Adventures get compensated for their contributions and do not get charged commissions for the experiences they host.
Pally held its ICO last October and raised a total of 2,063.84 ETH issuing 15,679,833.99 Pally tokens.
It will launch Pally Adventures in City 2 this coming March and then do a platform-wide decentralization roll-out in June this year.
Siousada is expected to be a Crypto Travel Portal that will directly connect tourists with a network of operators including those in the accommodation, travel and food and beverage industries. Them being on one portal, it will be easy for tourists to plan and arrange for tours and travel plans, schedule payments and make payments. Users will access all the services at a much lower fees compared to traditional way of doing it.
It will use the SSD tokens. There will also be dispute resolution and users will be able to review services.
Explore Coin The currency targets at simplifying travel, saving money, and connecting travelers with operators.
It will be used to pay for transportation, tickets, accommodation booking websites, eliminating exchange rates and commissions when traveling abroad.
Fujinto will use the NTO tokens and with it, travelers can directly pay for hotel or travel ticket reservations. It will be based on Ethereum blockchain.
Zoomaway already provides hotels, golf resorts, ski resorts and activity providers with a platform that allows for discounted packaging of services and attractions. It integrates in to client websites and provide customers with real time one stop shop for all travel and recreation needs. Zoomaway travel will also use Ethereum smart contracts to incorporate non-traditional payment methods for travel and tourism services.
It is not clear if the company is to have its own tokens but they announced on January 11 this year that they are through with the development phase for a platform to allow accepting cryptocurrencies as alternative payment method.
It will help lower overhead in both accounting and administration, and allow instant distribution of funds to vendors for rooms or activities. It will also facilitate instant refunds or credits for changes or cancellations. It will also help integrate both Zoomaway Nevada and Travel Game Block Chain (Canadian Subsidiary) to allow for easy and quick product delivery.