Blockchain might well be a revolutionary technology that could shape the future of travel - especially payment settlement and fraud prevention - but it is also the most overhyped technology right now.
Blockchain technology is, in its simplest form, a way to move information from one point to another in a highly secure manner. As Norm Rose, senior technology and corporate market analyst at Phocuswright wrote in a recent paper for Phocuswright titled "How and Why Blockchain Can Transform the Travel Industry," it is "an open-source, distributed ledger or database that records every transaction in a block, which is linked to other blocks."
When used with the cryptocurrency bitcoin, it essentially cuts out financial middlemen. Blockchain permanently records transactions in an open, encrypted ledger that provides direct payment to sellers.
Katherine Grass, head of innovation and ventures at Amadeus, explained it this way: "Blockchain is a technology of how to move information from A to Z in an efficient and encrypted way to help streamline and protect the process."
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