How can a simple traveler benefit from blockchain?
The world is getting smaller, or it is correct to say more accessible. Since technology is evolving — cars, electric cars, planes, etc. — you can get yourself to the places it would be impossible to get to 100 years ago. Nowadays, you can do this not only faster than ever before but also safer and with the 24/7 Wi-Fi in your pocket. 80 Days around the world? — Easy! It is not considered to be a challenge anymore. Furthermore, it has not stopped there, and the industry is constantly evolving and developing itself.
Presently, planning a trip is way more than just a vacation or holiday scheduling. For example,for me, traveling is not only the passion, but it is also the way to see myself being an entrepreneur. That’s why I like exploring different parts of this vast sector of the world economy. In the process of exploration, it is also interesting to answer the following question: “How can we make travel even easier in the future?” Aiming to answer this question, I am eagerly trying to figure out what innovations we can apply to this industry. For this reason, our team is working on a project that, first, aims to use innovations to change this sector in a better way and, second, help every traveler enjoy their passion the most. From here, I want to start a
discussion about our future, future of traveling, and step by step take a look at details of how innovations can be applied to the travel sector.
Not coincidentally, of course, today, the blockchain technology is the hottest topic discussed globally. Admittedly, it is an excellent instrument that can be applied in fintech, in jurisprudence, and many other progressive industries in the world. But, how can it be applied to making traveling more comfortable and enjoyable experience? In its turn, the more specific question is: “Is it already a new age for traveling with even greater opportunities to choose from?” Let’s have a look at how blockchain can be used here. It’s clear that one of the slots where blockchain can be implemented in travel sector is fintech. But, where exactly is fintech placed in traveling? I’ll tell you where it is.
In my every trip, I face the need of instant payments in different currencies — for buying tickets and other stuff — and it feels like a quest that is just continually stealing my time.
At the very beginning, upon arrival in a new country, I’m always looking for local currency, and I always have a feeling that the currency exchange rates are not on my side. Upon arrival, I usually decide to exchange just a small amount of money (which is still not enough to cover my needs). That’s why, after leaving the airport area, I am additionally looking for the exchange points in the city. It all takes a lot of time and effort, which I’d have instead spent on enjoying my travel to the full extent. I’m also looking for the exchange points in the city before getting on the plane because I do not want to take the local currency back home with me.
Continuously calculating the exchange rate in my mind not to be ‘taken for a ride’ when I am purchasing goods and services is always a struggle. When buying something, I hear this voice in my head saying, “Wait, wait, recheck the rate! Ask for a discount maybe? I want to be sure.”
Sometimes, I decide to use my credit card only, with the hope that the cash point will be honest with me and that I can trust my bank (“yeah, right!”, my inner voice says to me). That is the moment when I start to lose even more. As, despite my belief, in reality, banks charge our every payment with additional double currency conversion (fee), they set the exchange rates at the level the most appropriate for them but not for the customer. And, they want us to accept this by default. As a result, banks charge our account for additional 10–15% percent every time we use the card abroad, and it depends on their decision only. No voice is given to the customer in this case. But, why do we accept this as it is?!
Just imagine that you are traveling with your family 3–4 times a year, some couples are making a journey 5–6 times yearly. And, when we talk about business trips, it is even more than that. We can easily speak about four or even more times per month. Every single time we use our cards, we become a perfect target for our banks to attack, and they even call to help us to set up our payment. That’s so nice of them, isn’t it? That is exactly that point where they earn, while we lose. But that is also that point where the blockchain technology can change this system considerably; it can bring changes not only in payments but also build trust between people worldwide. It can become an additional driver for the country’s regional development because traveler will have more confidence to travel outside the well-known locations. And, what if it is the key to comfortable traveling, where we can think about our adventures, diving into a new culture and exploring different ways of life as easy as possible without thinking about basic things like money exchange rates?
In other words, first of all, we need to understand and accept that blockchain furnishes us with an infinity of yet undiscovered opportunities. Knowing this, I want to study and describe a different aspect of this technology — travel coins — and its pros and cons. Generally speaking, by developing this project, I want to describe my own experience using blockchain technology and discover this new edge of traveling at the same time.
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