Blockchain technology advocates say it’s poised to disrupt numerous industries, ranging from finance to supply chain tracking and real estate. Blockchain promises to drastically transform the way data is stored and used, improving the transparency and security of transactions.
For these reasons, multiple industries have begun experimenting with the technology, and one of the most exciting segments is the travel industry, where it could potentially be transformational in many areas.
First, a quick explainer. Though blockchain seems complicated, it’s quite a simple concept. It’s essentially just a ledger hosted across multiple public nodes that are used to store records of transactions. Each of these transactions is stored in a “block” secured with cryptography.
Because blockchain records are stored on many computers, the data is considered decentralized. Each block contains both transaction information and a time stamp, and they are stored on all of the nodes that make up the network. In this way, blockchain records cannot be altered without agreement across the network, a design that makes it almost impossible for someone to make changes without being noticed.
Because blockchain originated with Bitcoin, the world’s first cryptocurrency, in 2009, many people assume that the technology only has practical applications within finance and related industries. But the truth is that distributed databases can provide benefits in many different kinds of industries.
Continue reading: https://www.hackread.com/benefits-blockchain-travel-industry/
For these reasons, multiple industries have begun experimenting with the technology, and one of the most exciting segments is the travel industry, where it could potentially be transformational in many areas.
First, a quick explainer. Though blockchain seems complicated, it’s quite a simple concept. It’s essentially just a ledger hosted across multiple public nodes that are used to store records of transactions. Each of these transactions is stored in a “block” secured with cryptography.
Because blockchain records are stored on many computers, the data is considered decentralized. Each block contains both transaction information and a time stamp, and they are stored on all of the nodes that make up the network. In this way, blockchain records cannot be altered without agreement across the network, a design that makes it almost impossible for someone to make changes without being noticed.
Because blockchain originated with Bitcoin, the world’s first cryptocurrency, in 2009, many people assume that the technology only has practical applications within finance and related industries. But the truth is that distributed databases can provide benefits in many different kinds of industries.
Continue reading: https://www.hackread.com/benefits-blockchain-travel-industry/
