Blockchain will revolutionize what it means for our mobility and transportation; things are about to get very interesting. This decentralized system requires little to no supervision, helping to prevent accidents and improve manufacturing processes. Below is the fourth part discussing how blockchain will harness the power of these industries.
The Trucking Landscape
What the trucking landscape will look like in the future could easily be unrecognizable from years past. By implementing blockchain technologies, trucking companies can easily track, record, and see what delays any shipments might be experiencing.
The BiTA, the Blockchain in Transport Alliance, has more than 500 members looking to install blockchain record-keeping as an industry standard. This massive commercial blockchain network allows huge improvements for transaction records, shipment tracking, and vehicle management; these benefits will quickly transform the trucking industry.
What it Means for Aerospace and Defense Sectors
Recent studies by Accenture found that over 61% of all aerospace and defense companies are already beginning to harness the powers of blockchain technology. Blockchain technology could change the streamlining process for parts inventory and authentication, employee certification, etc.
A unit of Honeywell Aerospace, known as GoDirect Trade, is already using blockchain technology for tracking parts listed for resale. These records are on ledgers that store over 25,000 individual parts for one location. This data makes the manufacturing process seamless and more efficient. Implementing such a process is less paperwork and less chance of error or fraud.
What Air Travel Will Look Like
What does blockchain have to do with air travel? Well, as it turns out, a lot. We could see considerable improvements in making air travel safer and more convenient. Things could become much easier with all the information needed for booking a flight, from your name, birth date, credit card information, passport specifics, and everything else.
By implementing blockchain technology as an industry standard for air travel, all that sensitive information you hand over would be much safer and easier to locate when buying your next ticket. Airlines could quickly determine when aircraft needed maintenance and prevent overbooking, saving everyone more time and money.
Improvements to Hospitality
Hotels everywhere typically lose 10% to 15% of their revenues simply from third-party booking services. For those small chains and independently owned hotels, that's a huge problem that cuts into their bottom line, which tends to lose between 18% to 22% on average.
A great example of a blockchain-based platform for hotels, Winding Tree, works with resorts, hotels, airlines, and tourism agencies using a decentralized open-source B2B travel marketplace. Major companies such as Lufthansa, Air France, Air Canada, and many other top competitors have started using blockchain technology as of 2019.
Blockchain can cut out these go-betweens, making it easier for consumers to find their next hotel directly with no third parties getting a piece of the action, keeping costs low for everyone. It'll be interesting to see what the future holds precisely for hospitality and many other industries, and things will get exciting.
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