Blockchain Technology and Internet of Value in the Hospitality and Tourism Industry

Abstract

The purpose of this critical reflection is to investigate blockchain technology and its ability to unleash the Internet of Value (IoV) throughout the hospitality and travel sectors through the five realms of the emerging financial technologies and economies, which are cryptocurrencies, decentralized finance, metaverse, non-fungible token, central bank digital currency. Thus, in evolving electronic markets across the hospitality and tourism industry the blockchain technology could unleash the IoV. Nevertheless, certain challenges of blockchain technology such as its applications, privacy, legal frameworks, and environmental impact have to be discussed as all of these facets are critically important in order to optimize the benefits of cutting-edge technology. With the rising opportunities across the IoV, the hospitality and tourism businesses can improve and advance the hospitality and tourism operations by utilizing blockchain technology.