The Digital Future of the Tourism & Hospitality Industry


partner, who exchanges it instantly, both partners can avoid any loss caused by



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The-Digital-Future-of-the-Tourism-and-Hospitality-Industry (1)


partner, who exchanges it instantly, both partners can avoid any loss caused by 


pg. 7
exchange rate fluctuations; furthermore, the whole transaction takes only minutes 
instead of the usual couple of business days. This solution can mean a revolutionary 
innovative payment option for everyone in the tourism industry. 
The applicability of the blockchain system is independent from currency rates. In the 
case of cryptocurrencies, it is not the exchange rate that really matters - instead, the true 
value of the currency lies in the safety of the blockchain technology and in the authentic
transparent, unalterable and decentralized recording system (Pilkington, 2016). This 
payment system offers a new level of encryption safety and intervention-free operation, 
and the data handled in the system cannot be modified in any way. Another huge benefit 
of the system is that the transactions are realized without any intermediate agents, thus 
eliminating any additional transaction costs. By the time of the "maturity" of blockchain 
payment solutions, today’s large service intermediators like Airbnb, Booking.com, 
Agora, etc. are foreseen to lose some of their market positions, as consumers and service 
providers will probably deal with their transactions directly. 

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