Service Innovation Through Blockchain Technology in the Tourism and Hospitality Industry

Abstract

Blockchain technology is an emerging technology useful to provide innovative solutions in various sectors. The real world uses cases of blockchain technology such as faster cross-border payments, identity management, crypto currencies, smart contracts, and supply chain-blockchain technology are here to stay and have become the next innovation just like internet. There have been attempts to formulate and introduce digital money, but they have not been successful due to security and trust issues. Blockchain has moved past crypto currency and discovered implementations in other real-life applications; this is where we can expect blockchain technology to be simplified and not remain a complex concept. Blockchain technology's desirable characteristics are decentralization, integrity, immutability, verification, fault tolerance, anonymity, audibility, and transparency. The present chapter aims to investigate the applications, trends, and benefits in a real-world environment. This chapter presents a detailed review of blockchain technology, the benefits, and its applications in different fields.