Unify Data Consultancy explores how Web 3.0 and Blockchain will improve traveller experiences in 2023.
You’ve no doubt read about 2022’s cryptocurrency markets in turmoil, and so it’s easy to question the long-term value of many blockchain and Web 3.0 projects. However, Web 3.0 is not just about crypto, with many tech companies using the technology to drive some really interesting projects that help businesses stand out and create better experiences, engagement, reach and, ultimately growth
Jon Pickles, Unify CEO, was recently a judge at the Travolution technology awards, some of the stand-out submissions focused on Web 3.0. One shortlisted was Pinktada. They have the concept of tokenising a stay as a Room Night Token (they call this an RNT - Room Night Token) - a non-fungible token based on room nights. The idea being that you can book a room for certain hotels, and should you need to change your stay dates, you can either transfer your RNT or swap it with another RNT. This comes with a relatively high risk, but should you make a last-minute change or cancellation the hotel will buy it back from you, albeit at an increasing discounted price the closer you get to your date of stay. The hotel could make an increased profit whilst the revenue for the hotel is guaranteed.
Examples of Blockchain Enhancements for Travel
Travala is another fascinating project where you can buy a loyalty NFT and win all sorts of rewards, where you get several entries into a competition to win, for example, a trip to the Superbowl. Travala is effectively an OTA and states that the 90k destinations they offer can be up to 40% cheaper than on other mainstream OTA booking platforms.
Loyalty programs are another area where we see the use of NFTs. Only last week, Starbucks announced the beta launch of Starbucks Odyssey. This is the company’s first major attempt at integrating blockchain tech into its existing rewards program. Initially, the programme is with a small group of members and employees (US-based only). Starbucks invites participants into “journeys” that allow them to collect NFTs and points that unlock new benefits and experiences.
It will be interesting to see how more generic NFT loyalty programmes will work where loyalty benefits can be shared across brands, as their main value proposition for loyalty programmes is to keep your customers returning to your brand.
Web 3.0 Leads to Amplified Travel Experiences
The travel industry is poised to see significant perks with the rollout of Web 3.0, a new generation of the web offering greater personalisation, increased interaction and more connection. Check out a few perks we are expecting:
1. Increased Security: Web 3.0 will deliver more advanced encryption, higher security to payments, and improved authentication—overall, travellers will experience more security when completing online bookings.
2. Greater Personalisation: This next generation of web will enable travel businesses to design more personalised experiences for travellers, from planning the trip through to reviews of the journey and adventures. You will see more tailoring for individual needs, preferences, and budget restraints.
3. Amplified Experiences: We are ready for more immersive experiences; think virtual tours, interactive maps, and exploring destinations with a 360-degree virtual view. This leads to travellers making more informed decisions during the planning phase and even within the destination.
4. Heightened Connectivity: Travellers will be connecting with the destination and other travellers, enabling them to have a connected-experience. Better access to information and more opportunities to interact with locals and other travellers will create enjoyable experiences.
This is just a start to showing examples of how Web 3.0 will enhance the traveller experience, and the travel industry will benefit. The travel industry will see many innovations as this generation of the web emerges. Unify data consultancy is constantly watching to see how trends and changes in technology may impact the industries we serve.
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