Travel will create a new wave of Web3 mass adoption: Here’s how

2023/07/17 Innoverview Read

The travel industry has long been a behemoth, catering to the diverse needs of nearly 2 billion digitally savvy users each year. When it comes to technological innovation, however, it has remained a sleeping giant. 

That is, until now. The industry is finally waking up to the transformative power of Web3 technologies and stands on the precipice of a profound revolution that will reshape the way people travel. This shift is not just about shaking up a colossal $850-billion business — it goes far beyond that, and focuses on leading a path toward simplicity, efficiency and standardization that is long overdue.

The future of the travel industry is here

Imagine a world where changing the name on a ticket or registering a pet for a flight becomes hassle-free, streamlined and efficient. This is just one example of the challenges that travelers frequently encounter within the travel industry. From cumbersome booking processes to confusing and time-consuming administrative tasks, the industry is ripe for innovation that can simplify these experiences and deliver greater customer satisfaction.

The travel industry faces connectivity challenges due to compliance and regulatory requirements. For instance, it can take three to five months for hotels to connect to new distribution channels or application programming interfaces (APIs), limiting their ability to reach a wider customer base efficiently. This lack of seamless connectivity not only impacts businesses but also hinders travelers’ ability to access the best deals and personalized offers available.

Now, the travel industry is ripe for disruption by Web3 technologies. From decentralized finance (DeFi) and decentralized autonomous organizations (DAOs) to nonfungible tokens (NFTs) and gamification, the travel industry can absorb all the innovation to enhance customer experiences and bring real-life utilities to tokens, introducing the next billion users to the blockchain and crypto ecosystem in the meantime. Now travelers can hold their airline tickets as NFTs that can be used, resold or collected as proof of travel, providing a new level of transparency and security. DeFi can revolutionize payment systems, while GameFi can introduce loyalty and rewards programs tailored to individual travelers. DAOs can facilitate the formation of local communities, communities of travelers and consortia of service providers, fostering collaboration and innovation.

This is especially true given how digital-savvy travelers around the world have become. In 2023, digitization will be the norm for almost every ticket and booking, with more than two-thirds of travel bookings being processed online. This massive shift to digital platforms presents a huge opportunity for scaling blockchain infrastructure, particularly in the payments space.

Travel to bring real-life utility to blockchain-based tokens

The adoption of Web3 technologies in the travel industry is not just a theoretical concept — it is backed by tangible evidence and real-world examples. Camino Network, the first layer-1 blockchain specifically developed to address the needs of the travel industry, aims to help travel unify the existing branches of the Web3 world, including DeFi, GameFi, DAOs and self-sovereign identity.

The Camino Network Foundation also boasts a growing network of validators and supporters. During the soft launch phase, new validators activate their nodes on a weekly basis to maintain the integrity of the network, creating a dynamic atmosphere of progress, achievement, and ongoing commitment. These validators and supporters comprise over 150 companies, including Eurowings, Lufthansa, SIXT and TUI, each contributing to the development and implementation of Web3 solutions in the travel sector. 

To bring a streamlined experience to travelers around the world, decentralized applications (DApps) can be used for seamless, hassle-free payments. Users can benefit from the gamification of loyalty and rewards, while involved parties can be kept in sync in a decentralized manner.

Blockchain-based, Web3-native innovations are revolutionizing the travel industry, allowing individuals to "mint" their airline tickets as NFTs, for example, or showing promise for various other aspects of the travel experience. Whether it's selling an airline ticket, booking a hotel daybed, arranging a segway tour, or organizing transfers, current processes are often inefficient. The key is for the entire travel industry to adopt Web3 technologies. And a consortium that acts as a unified sandbox with clear rules, connectivity and a supportive community can serve as the solution. By bringing all stakeholders together, collaborative platforms such as Camino Network can enable innovation and streamline operations, bringing the industry into the Web3 era and opening new horizons for travelers and businesses alike. In addition, Camino Network also places a strong emphasis on regulatory compliance.

With its efficient and secure blockchain infrastructure tailored specifically for the travel industry’s needs, the Camino ecosystem has already become home for a number of companies and startups building their first Web3-friendly travel apps and services. Promising Web3 companies such as, A3M, Peakwork, Triend and Giata have already begun building their Web3 products on the Camino Network. Within this vibrant community, developers learn from each other and collaborate to build DApps, shaping the future of the travel industry.

(Copyright: Cointelegraph Travel will create a new wave of Web3 mass adoption: Here’s how (