Uses of Blockchain Technology in the Hotel Industry
Today, many hotel businesses are embracing blockchain technology. Hospitality industry stakeholders will be able to enjoy lots of benefits by integrating this amazing technology with their businesses. In this blog, we will look at how blockchain technology can be applied in the hospitality industry.
- As a Safe Payment Option – Many hotels, restaurants, and coffee shops are now accepting blockchain technology-based cryptocurrencies such as Bitcoin, Ethereum as payment methods. Blockchain technology provides a clear and secure global ledger that can streamline bank payments and also minimize hotel-related costs.
- Identification and Security Services - Blockchain technology can greatly improve data security. When a customer arrives at a hotel, he/ she is required to provide their ID at various places. However, blockchain technology will make available important information about a particular customer in a safe decentralized database.
- Loyalty and Rewards Programs - Blockchain is capable of improving the loyalty and reward programs quality. This technology will streamline the process and make points accessible to customers. This in turn enables customers to redeem them later. Blockchain not only allows you to distribute rewards via digital tokens but also makes sure to minimize loyalty program fraud with unique security benefits.
- Smart Contracts – When smart contracts are used in combination with blockchain technology, the relevant business rules apply during the order and payment for every purchase requisition. In the case of the order cycle, you can use these contracts to make sure that the most reasonable price is charged for all the food items ordered. In the case of the payment cycle, these contracts can be used to make sure that payments are made properly when an order of good quality has been received.
- Guest Tracking – The blockchain technology allows hotels to promptly update whenever a customer departs their home for the airport or when they report at a hotel that they have arrived. All hotel businesses should make sure to have such a tracking ability, which is necessary for the success of businesses. As it minimizes the check-in time and also improves the satisfaction of the guest.
- Food Tracking - Integrating supply chain management systems that is based on blockchain technology with hotels and restaurants will help in improving quality control as well as safety of food. In addition to that, hotels can team up with their suppliers over the blockchain platform to successfully monitor the food. Blockchain technology also enables the hotel customers to review the ingredients' origins that are used in their ordered foods.
Blockchain technology can offer a secure payment base. It is capable of improving the loyalty programs of customers and also making the multilevel and complicated supply chain clear like never before. This benefits the hotel industry in several ways. Blockchain technology also offer numerous other benefits to the hotel industry, which includes broadening the hotel inventory, avoiding middlemen expense, and more. This technology can even make various tedious and burdensome tasks easier, this in turn help save costs and improve the whole customer experience.