It has been more than ten years when the first blockchain was created and became famous through the BitCoin market. The blockchain is a decentralized ledger in which added data is immutable, transparent and users’ are anonymous. These features are successful in many industries around the globe. Few are Financial technology,
- Customer Information On The Blockchain
To understand it better let us take an example through a customer coming to avail a hotel group’s services. A customer comes to book a room for which he/she provides identity information. In return, hotel reservation offers him/her reward points (it can be cryptocurrencies as well) for a membership program and a private key. The hotel reservation adds customer’s identity information into the blockchain and nodes will be notified immediately. This way the customer information will be available to all the connected nodes. These nodes are subsidiary business services of the hotel group. By adding this information, real-time tracking of data is possible; also once the data is attached to a block and is locked through a hash function, it cannot be altered. Apart from customers’ necessary information, a hotel can add buying preferences too which can help in providing a customized service experience.
Computing power will increase over time, but it will bring benefits as well.
- Membership Tokens
The one strategy on which a hotelier focuses more is offering a membership program to its clients because a hotel business aims for the loyalty of clients than acquiring new clients every season. A client prefers easiness to use and burn reward points obtained through a membership program. The enterprise blockchain developed for hotel provides these features through the real-time generation of points (cryptocurrencies) when information on the block is added. Of course, computing power will increase over time, but it will bring benefits as well. Moreover, these points are easy to spend anywhere hotel group serves and automatically those transactions are added to the blockchain, generating more reward points.
- Private Transactions Through Smart Contracts
Private transactions occur between a hotel chain’s subsidiary businesses. For example, a hotel restaurant or bar provide services to a client staying in a hotel room or a client staying at a hotel room avails services of the hotel’s spa. Through smart contract development (Program based on blockchain technology) all transactions are executed, and the blockchain is updated with these transactions on real-time bases. These smart contracts are private channels so only participants can access the information included, for example, the deal between hotel and restaurant.
Only nodes with private keys can access this sensitive information.
- Secured Vendor’s Data
Vendor’s information is sensitive to any service providing company. For the hotel industry, this information is order fulfillment data, quality control, and inventory management. By distributing this information at each level of a hotel business through blockchain application, the data becomes transparent at the same time secure. Secure because only nodes with private keys can access this sensitive information. The centralized data which holds the threat of being stolen is eliminated through blockchain ledger.
- Customized Service Experience
Information stored on blockchain application for every transaction a client makes can reveal the buying preferences and behavior towards a service provided. Through analysis of data, a customized service pack can be offered to a particular client which increases the trust of the conglomerate. Moreover, this customized plan is available to all the nodes on blockchain which makes more manageable for them to provide promised services.