News > Capital Markets, FinTech

Blockchain Technology is About to Disrupt Travel, But Wall Street is Oblivious

By BenZinga
Capital Markets, FinTech

rsz_benzinga_main

The travel and tourism industry is a global economic driver that promotes trade, interconnectedness, a deeper understanding of our differences, and the flow of ideas for a better world. In 2016, the travel industry contributed about $7.6 trillion to the global GDP. The World Travel & Tourism Council (WTTC) submits that the travel industry employs about 292 million people.

More interesting is that the travel industry is still growing exponentially. In 1995, the number of people that travelled internationally was placed at 520 million. By 2015, the number of people that traveled internationally jumped to 1.06 billion. Economists predict that by 2030, the number of people traveling internationally will surge to 1.8 billion.

The advent of the Internet has also helped to boost the rapid growth of the travel industry. Now, travelers can take virtual tours of their intended destinations, book flights and hotels online, create a complex itinerary through multiple countries and continents.

Despite its meteoric growth in the last couple of decades, the travel industry is far from perfect. Travelers still have to grapple with an overload of information with varrying degrees of reliability on the way to and from their destinations. Then there are financial headaches in terms of currency conversions, transaction fees, and fraudulent charges. Thankfully, some blockchain based solutions are trying to revolutionize the travel industry and the idea of travel itself.
Get To Know Your Cousins

Cool Cousin, a VC-backed blockchain startup launched in 2016, is trying to bridge the information gap for travelers desperate for authoritative information about their trip and travel itinerary. Working under the premise that having a trusted friend or family member living in your destination city improves the odds that you’ll have a pleasant traveling, Cool Cousin provides travelers with a network of local guides (Cousins) who have similar interests and who can help you get the best out of your travel experience.

In the last six months, …

Photo: Getty iStock

Subscribe to our Newsletter

Be one of the first to experience the future of financial services