Thematic Intelligence: Blockchain in Travel and Tourism (2024)
Description
Thematic Intelligence: Blockchain in Travel and Tourism (2024)
Summary
This thematic research report takes an in-depth look at the theme of blockchain and the impact it has on the travel and tourism industry. This report analyzes the players impacted by this theme alongside the contributing trends, negative destination trends, unintended opportunities, and trends that have emerged as a result of blockchain. It then dives deep into an industry analysis, presenting several real-life case studies looking at how destinations and companies have responded to the impact of this theme on their operations. Recommendations are then offered for the travel sector, alongside a description of companies mentioned throughout. This report focus is on blockchain.
The globalization and digitization of travel and tourism are both driving the demand for easy-to-use and cheap international transaction processes and payment systems. Blockchain technologies are predicted to substantially transform the tourism industry. With the hype around blockchain subsiding, adoption is quietly increasing, focusing on practical benefits and efficiency gains rather than technological novelty. This shift from complete overhauls to narrower but clearer industry-specific applications, often developed in-house, reflects a maturing landscape. In the tourism industry, although many tourism vendors have been accepting blockchain-and the potential of using blockchain in travel-related consumption has been intensively documented-existing knowledge of travelers’ intention to use blockchain is limited. Traditional models do not account for the idiosyncrasies of blockchain and are therefore less appropriate. Blockchain technology, which by itself consists of a multitude of protocols, platforms, consensus mechanisms, and cryptographic primitives, is far from being fully developed. The blockchain market is in its early stages, with some areas maturing. It features established blockchain companies, new entrants, Big Tech, and financial firms. As the market evolves, new participants will emerge, and the landscape will change significantly over the next two years. Blockchain is a method of storing information that makes it difficult to alter the information or cheat the system. The technology can be viewed as a digital record of transactions-like a ledger-that is decentralized, meaning no central authority, such as government or bank, validates a transaction. Instead, transactions are shared or distributed among all participants on a peer-to-peer (P2P) basis within the network.
Scope
- This thematic report provides an overview of the impact blockchain has on the travel sector and seeks to understand some of the contributory factors. The key trends within this theme are split into three categories: technology trends, macroeconomic trends, and regulatory trends. Several case studies are included to analyze the multiple ways countries and companies have responded to the impact of this theme’s growth and what they are doing to grow with this theme.
- Understand the current blockchain trends within the travel landscape today and how these will escalate in the near future. Assess how travel and tourism companies such as tour operators, OTAs and DMOs are utilizing blockchain to drive revenues. Acknowledge the necessity of using blockchain by understanding the social, cultural, and environmental effects on the destination. Discover recommendations for businesses involved in blockchain. GlobalData’s thematic research ecosystem is a single, integrated global research platform that provides an easy-to-use framework for tracking all themes across all companies in all sectors. It has a proven track record of identifying the important themes early, enabling companies to make the right investments ahead of the competition, and secure that all-important competitive advantage. All across the travel and tourism supply chain, organizations now have an opportunity to capitalize on blockchain, and there are some notable examples of this. Therefore, all should buy this report to fully understand how this theme will continue to be a key theme in the future travel landscape.
Table of Contents
134 Pages
- Executive Summary
- Players
- Technology Briefing
- What is blockchain?
- The four key characteristics of a blockchain
- How a blockchain transaction works
- What blockchain is not
- Blockchain architecture
- Public key encryption
- Centralized versus distributed ledger
- Consensus mechanisms
- Types of blockchains
- Which blockchain should you use?
- Smart contracts
- The role of cryptocurrencies in different types of blockchains
- Trends
- Technology trends
- Macroeconomic trends
- Regulatory trends
- Industry Analysis
- Market size and growth forecasts
- The financial services industry leads the way in global blockchain spending
- The US leads the way
- Blockchain in the travel and tourism industry
- Impacts
- Smart contracts for automation
- Enhanced security and identity management
- Improved loyalty programs
- Tokenization of assets
- Decentralized travel marketplaces
- Challenges
- Regulatory uncertainty
- Scalability
- Interoperability
- Resistance to change
- User experience
- Recommendations
- Pilot projects and proof of concepts
- Collaboration and partnerships
- Education and training
- Regulatory engagement
- User-centric design
- Case studies
- TravelChain
- Webjet
- Beenest
- Winding Tree
- Kayak
- Timeline
- Signals
- M&A trends
- Venture financing trends
- Patent trends
- Company filing trends
- Hiring trends
- Social media trends
- Artificial intelligence
- Hotels
- Business travel
- Value Chain
- Infrastructure layer
- Semiconductors
- Nodes
- Storage devices
- Networking equipment
- Data centers
- Software layer
- Blockchain protocols
- Permissioned blockchains
- Hybrid blockchains
- Permissionless blockchains
- Middleware
- Application layer
- Centralized applications
- Services layer
- Blockchain as a service
- IT and professional services
- Infrastructure as a service
- Companies
- Leading blockchain adopters in travel and tourism
- Specialist blockchain vendors in travel and tourism
- Sector Scorecards
- Travel intermediaries sector scorecard
- Who’s who
- Thematic screen
- Valuation screen
- Risk screen
- Glossary
- Further Reading
- GlobalData reports
- Our Thematic Research Methodology
- About GlobalData
- Contact Us
- List of Tables
- Table 1: Technology trends
- Table 2: Macroeconomic trends
- Table 3: Regulatory trends
- Table 4: Key M&A transactions associated with the blockchain theme in 2023
- Table 5: Key venture financing deals associated with the blockchain theme in 2023
- Table 6: Leading players associated with this theme and summarizes their competitive position.
- Table 7: Leading blockchain adopters in travel and tourism
- Table 8: Specialist blockchain vendors in travel and tourism
- Table 9: Glossary
- Table 10: GlobalData reports
- List of Figures
- Figure 1: Who are the leading players in the blockchain theme, and where do they sit in the value chain?
- Figure 2: Blockchain is distinguished from traditional databases
- Figure 3: A blockchain transaction can be broadly divided into six steps
- Figure 4: Blockchain is not bitcoin
- Figure 5: Blockchain is a type of distributed database
- Figure 6: The data stored in a block depends on the blockchain
- Figure 7: Linking transactions together makes it practically impossible to tamper with them
- Figure 8: Tampering with one of the blocks will cause the hash of that block to change
- Figure 9: Public key encryption is essential for securing blockchain transactions and verifying ownership
- Figure 10: Transactions are validated using a mechanism that is entirely independent of central control
- Figure 11: Most permissionless blockchains use one of two consensus methods
- Figure 12: Distinguishing between access control and network management in blockchain
- Figure 13: Private and federated blockchains are the preferred choice for most enterprises
- Figure 14: Selecting the type of blockchain is complex – a traditional database is often sufficient
- Figure 15: Smart contract transactions can broadly be divided into seven steps
- Figure 16: Top blockchain trends
- Figure 17: GlobalData estimates that the global blockchain market will be worth $291 billion by 2030
- Figure 18: The financial services industry leads blockchain spending
- Figure 19: The evolution of blockchain can be divided into several distinct phases
- Figure 20: The blockchain story
- Figure 21: The number of blockchain-related M&A deals remains strong despite the crypto crash
- Figure 22: Blockchain’s share of tech M&A deals is increasing
- Figure 23: Centralized cryptocurrency exchanges lead the way in blockchain-related M&A activity
- Figure 24: US companies lead blockchain M&A activity
- Figure 25: In 2023, blockchain funding fell by 65%, while deal volume decreased by 41%
- Figure 26: Blockchain’s growing prominence in tech funding
- Figure 27: Large funding rounds are down in 2023 as investors become more cautious
- Figure 28: Blockchain-related venture financing is driven by the US
- Figure 29: Most of the volume is in early-stage deals, while most of the value is in later-stage deals
- Figure 30: Blockchain is attracting a lot of attention from major venture financing firms
- Figure 31: The number of patent applications has declined since peaking in 2021
- Figure 32: China accounts for most blockchain patent applications, but the US is gaining share
- Figure 33: Chinese companies lead blockchain-related patent activity
- Figure 34: The number of blockchain companies going public has boosted filing mentions
- Figure 35: Blockchain and cryptocurrencies remain intertwined in company filings
- Figure 36: Cryptocurrency-related businesses have the most blockchain mentions
- Figure 37: The number of active blockchain job postings remains high despite layoffs
- Figure 38: Blockchain hiring is concentrated on specific sectors and occupations
- Figure 39: Crypto exchanges, professional services, and financial firms lead blockchain hiring
- Figure 40: The number of blockchain job postings in the travel and tourism sector has been historically low
- Figure 41: This trendline chart shows the daily number of contributors and the number of discussions surrounding the theme of blockchain
- Figure 42: The blockchain value chain
- Figure 43: The blockchain value chain - Infrastructure layer
- Figure 44: Infrastructure layer – Semiconductors
- Figure 45: nfrastructure layer – Nodes
- Figure 46: Infrastructure layer – Storage devices
- Figure 47: Infrastructure layer – Networking equipment
- Figure 48: Hosting grows more decentralized, yet centralized providers like AWS retain a significant share
- Figure 49: Infrastructure layer – Data centers
- Figure 50: The blockchain value chain - Software layer
- Figure 51: Permissionless versus permissioned blockchain protocols
- Figure 52: Software layer – Permissioned blockchains
- Figure 53: The three most popular third-party blockchain protocols for permissioned blockchains
- Figure 54: Third-party protocols have a prominent role within the federated blockchain landscape
- Figure 55: Hybrid blockchains are less common than permissioned and permissionless ones
- Figure 56: Software layer – Hybrid blockchains
- Figure 57: The competitive landscape for public permissionless blockchains is diverse
- Figure 58: Software layer – Permissionless blockchains
- Figure 59: Software layer – Middleware
- Figure 60: Cross-chain interoperability enables interaction between different blockchain networks
- Figure 61: Layer 1 solutions involve modifications to the underlying blockchain protocol
- Figure 62: Layer 2 solutions operate on top of the existing layer 1 blockchain
- Figure 63: Blockchain's inherent transparency and immutability present unique challenges in privacy and security
- Figure 64: The blockchain value chain - Application layer
- Figure 65: Application layer – Centralized applications
- Figure 66: Major financial institutions view asset tokenization as a significant market opportunity
- Figure 67: The blockchain value chain - Services layer
- Figure 68: Services layer – Blockchain as a service
- Figure 69: Services layer – IT and professional services
- Figure 70: Services layer – Blockchain development and infrastructure services
- Figure 71: A wide range of companies are making advances in blockchain
- Figure 72: Who does what in the travel intermediaries space?
- Figure 73: Thematic screen
- Figure 74: Valuation screen
- Figure 75: Risk screen
- Figure 76: Our five-step approach for generating a sector scorecard
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