To understand how the Travel and Hospitality industry can benefit from blockchain, it is appropriate to focus on two fundamental points: immutability of the data written on the distributed ledger and programmability of the data itself. On a blockchain, the dispersion of the ledger is such as to guarantee to everybody, and in a transparent manner, the possibility of verifying the validity of a transaction from its origins and to ensure that once it has been approved in a blockchain, it can no longer be disallowed.
By ‘transaction’ I mean a complex concept that joins both the data (i.e., the information) and the rules that manage it; we call this conceptual set ‘Smart Contract‘. A Smart Contract is – thus – the ‘translation’ into computer code of a contract, which allows for the automatic verification of the occurrence of certain conditions and the automatic execution of actions when the conditions determined between the parties are reached and ascertained.
Disintermediation and decentralisation, together with the immutability of the data written on the distributed ledger and…
