Revisiting the Blockchain’s Effect on the Hotel Industry
The blockchain is an amazing technology. You may have heard about it before, or you may have even read about it in one of our blogs. The potential that it has to change various industries is definitely something to keep an eye on. Today, in the Southeast International Hotel Brokers blog, we’ll talk about the blockchain and how it’s evolving in the hotel industry.
Brief Blockchain Recap
If you haven’t checked out our last blog, or if you’re unfamiliar with the blockchain in general, let’s do a brief recap.
At its most basic level, the blockchain is a ledger that records transactions. This ledger can be private or public, but it’s always decentralized and encrypted. It is also infallible because once a transaction is recorded, it can’t be retroactively altered.
The applications for blockchain are vast, and we’re just getting started finding out the different ways in which it can be used. Corporate giants like Walmart and IBM have already been exploring the potential of blockchain technology.
Although blockchain has been rapidly evolving, the forward momentum it has in the hotel industry isn’t quite as rapid. The biggest obstacle for the blockchain is adoption. Despite all of the amazing things blockchain can do, it’s going to be hard to implement it on a larger scale. This isn’t because the actual act of implementation is difficult, but getting the biggest franchised hotels to move on from their current systems is no easy feat. It’s hard to say exactly when mass adoption will happen, but when it does the industry will definitely benefit.
When adoption does happen, things like loyalty points and programs will be completely altered. Things will be easier and more transparent for both the consumer and the hotel owners. On the blockchain, hotel owners will be able to track and analyze exactly how guests like to use their loyalty points and guests will love how streamlined and easy using their points can be. This is just a small example of how blockchain can completely change the way current hotel processes work. The possibilities are endless.
Choose Southeast International Hotel Brokers
When it comes to buying or selling hotels, you want to work with a company that you can trust and that is tapped into the hotel industry. You can find that with Southeast International Hotel Brokers. Whether you’re looking to invest in a new property or you’re looking to sell your current property, our hospitality brokers can help you through the entire buying and selling process. Contact us today for more information and to speak with a member of our hospitality broker team.