Blockchain technology is already reshaping the remittance market in Southeast Asia, but it holds a great deal of potential for the region’s travel industry as well. Tourism plays a significant role in many Southeast Asian economies, including Thailand and Vietnam. Drawn by historical and cultural attractions along with low-cost travel and lush beaches, millions of backpackers and luxury travelers flock to the region each year. In 2016, Thailand alone saw more than 32.5 million international tourists.
Travel companies could better capitalize on the region’s tourism opportunities by implementing blockchain technology into their systems, according to regional expert Shiraz Malik. Airlines in particular would benefit from improved mobile options, such as blockchain-powered loyalty programs and user-friendly mobile services. Perhaps more importantly, the technology would allow for streamlined authentication, data distribution and security protocols, Malik said.