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Blockchain: The Next Technology
Disruption in The Travel INdustry
Demystifying Emerging Technologies for the
Global Travel Industry
March 7, 2018
.
What is Blockchain?
Source: 123RF
.
Bitcoin, Blockchain and Ethereum
Blockchain
• Distributed
Ledger
Technology
Bitcoin
• 1st Widely Adopted
Cryptocurrency
Ethereum
• Smart Contracts
• Industry Specific
Platforms
Sources: Coinbase, BlockGeeks and Ethereum
.
Centralized vs Decentralized
• Peer to Peer
• Ledger on Every Node
Source: 123RF and BlockGeeks
.
Encryption at Its Core Blockchain Transactions are Immutable
Source: CFB Scientific Translations & Consulting
• Private
• Public
• Hash
.
A miner approves the transaction as valid
4 1
A wants to purchase your item
A wants to transact with B
2
The transaction is represented online as a “block”
3
The block is broadcast to miners in network
Payment received goods exchanged
6
The transaction is complete with payment sent from A to B
5
The block is added to the chain which provides a permanent and transparent record of the transaction
Steps In Blockchain
6 Source: Adapted from Blockgeeks
.
Role of the Miner
Source: BlockGeeks
A minor solves a cryptographic puzzle to:
• To verify the legitimacy of a transaction
• The miner is compensated with a digital currency
.
Source: Adapted from Blockgeeks
Smart Contracts
Code that Automatically Executes a Contract
Agreement Smart Contract
created on the
blockchain
Smart
Contract
Triggering
event and
execution
.
Permission versus Permissionless
Source: BlockGeeks
Eliminates
the
Middleman
Maintains
Control by
the
Middleman
• Users are not anonymous
• Permission is required for users to have a
copy of the ledger and participate in
confirming transactions.
Private
• Users are anonymous
• Each user has a copy of the ledger
and participates in confirming
transactions.
Public
.
Barriers to Blockchain Adoption
Blockchain is a Young Technology
Sources: 123RF, Harvard Business Review, Ethereum WorldNews
3 to 4 20 2,000
SPEED per Second
Lighting Network Plasma
Public
Open
Network
Volatility
Speculation
vs. Utility
.
Blockchain Primary Areas of Impact for the Travel Industry
Transparency Settlement Loyalty Fraud
Sources: Travel Tech Consulting, Inc., Deloitte, NBC and 123RF
Identity IoT Policy Overbooking
.
Reducing or Eliminating the Middleman
Consumer interfaces are still needed but roles
may change
Source: 123RF
.
Blockchain Travel Examples
• Permissionless
• Token Event will Fuel Innovation
Sources: VentureBeat, TNOOZ, PhocusWire and Winding Tree
.
Summary
It’s all about the plumbing A new distributed network
A new travel platform created by
thousands of developers
Sources: 123RF, BlockGeeks and Linux