Has your luggage ever disappeared on a holiday? Dealing with it is among the most taxing things you have to deal with. Now times that distress by 24.8 million to find out how many checked baggage items vanished globally in 2018 alone, costing the aviation sector $2.4 billion. This statistic draws quick attention to a recurring issue in an ever mobile society.
The same technology driving Bitcoin and other cryptocurrencies, blockchain is introducing fresh approaches to handle such problems. Although blockchain is commonly associated with digital money, its possible applications extend beyond financial ones.
Fundamentally, blockchain provides a safe, open, distributed method of asset monitoring and transaction recording. This is a digital ledger whose modification cannot be done without everyone engaged knowing about it. For some of the most urgent travel and entertainment problems, these special qualities makes it a very viable solution.
Three main areas—luggage mishandling, carbon footprint tracking, and ticket fraud—could be streamlined by blockchain technologies. Let’s see how.
From Loss to Discovery
Working with IATA, London Heathrow Airport, Cathay Pacific, and IBM, Hong Kong International Airport has started a brand-new experiment on blockchain-based luggage tracking. This cooperation seeks to monitor your suitcase and make the process more efficient at the same time.
Blockchain has great potential when it comes to luggage tracking. It generates one single source of truth available to all engaged, in real-time. When things go wrong, there is no more finger-pointing or contradictory evidence.
We’re looking into an increased openness that lets you monitor the path your bags travel from check-in to carousel. Enhanced clarity here helps airports and airlines identify exactly where and when problems arise. Most importantly, maybe, is more defined liability. Should your bag go missing, it is much simpler to identify the accountable party and hasten its recovery.
Still, putting blockchain technology into use across several airport systems (let alone around the world) is no small challenge. We’ll have to deal with problems of data privacy, technology compatibility and the sheer volume associated with world travel. But with possible productivity increases of 7% and mistake reductions of up to 90%, as observed at Heathrow, luggage tracking’s future seems ideally blockchain-shaped.
Greenlinks
By enabling the first-ever trade of tokenized carbon credits via their blockchain platform, the Climate Action Data Trust just created history. This historic occasion marks a fresh phase in our tracking and trading of carbon emissions.
Still, how can this technology really help us track our carbon footprint? Blockchain, functioning as a digital ledger, can securely document every stage of a product’s life, from raw material to disposal. This allows us to now track carbon emissions throughout whole value chains with until unheard-of accuracy and openness.
There is great influence on corporate sustainability initiatives as well as on carbon markets. Imagine being able to check from bean to cup the precise carbon footprint of your morning coffee. This degree of information benefits companies in many ways, including helping them to disclose and control their environmental influence. Since the provenance of every carbon credit could be followed and confirmed, it might also make carbon offset programs more legitimate and successful.
Though integrating any new technology comes with certain challenges, blockchain’s promise in carbon tracking is a clear advance in the right direction. We are taking major steps toward a more transparent, responsible and finally sustainable future as we keep improving and using this technology.
Token to Ride
Projections indicate that between 2023 and 2028 the ticket market is likely to inflate to $132.1 billion globally. But along with this expansion comes a sinister side marked by years of industry-wide scalping and fraud.
Blockchain-based ticketing platforms are giving our purchasing, selling, and verifying of tickets much greater authenticity; as every ticket as a one-of- a kind digital token that cannot be replicated or created. Purchasing a ticket logs it on blockchain, therefore establishing an open line of ownership. This allows you to follow the history of your ticket from its production to the moment it is checked at the venue gates.
Leading companies in this are GUTS Tickets and Avant-gardener. Apart from stopping counterfeiting, these devices can enforce guidelines established by event planners. Blockchain makes it all feasible whether you wish to cap resale pricing or restrict the quantity of tickets any buyer may purchase.
The possible effects on the entertainment sector are really somewhat fascinating. In the future, you could confidently purchase tickets knowing they are authentic. For venues and artists, it implies more control over ticket distribution and price. For everyone of us consumers, it also provides protection and justice. No more outrageous mark-ups or disappointment at the door with bogus passes.
Adoption that is widespread calls for overcoming technological challenges, legal issues, and inertia of current systems. Still, the possible advantages – more security, openness, and efficiency – make these obstacles worthy of attention. How will blockchain keep redefining our view of trust in travel and entertainment? Will we soon live in a time when ticket theft, carbon footprint uncertainty and misplaced bags are all cast to the past? The path towards a blockchain-enabled future looks to be just as fascinating as the places we travel to.
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