Blockchain affect tourism

The future of blockchain is near and banking isn't the only industry affected. See how law enforcement, ride-hailing, and others could also be impacted. What began as the basis of cryptocurrencies such as Bitcoin, blockchain technology — essentially a virtual ledger capable of recording and verifying a high volume of digital transactions — is now spreading across a wave of industries. Industries from insurance to gaming to cannabis are seeing blockchain applications.

We are searching data for your request:

Wait the end of the search in all databases.
Upon completion, a link will appear to access the found materials.

Content:

• Simplifying the Travel and Tourism Industry with Blockchain
• What value will blockchain play in Metaverse tourism?
• Bitcoin, Cryptocurrencies and the Travel Industry
• The Impact Of Blockchain On Online Customer Experience
• The Impact of Blockchain on Medical Tourism
• Application Potential of Blockchain Technologies in the Travel and Tourism Industry
• Blockchain in tourism: another dimension of old problems
• How Blockchain Technology is Disrupting the Fight against COVID-19
• Tourism 4.0: Challenges in Marketing a Paradigm Shift
• Opportunities and challenges of Blockchain-Oriented systems in the tourism industry

WATCH RELATED VIDEO: How Blockchain will be impact Tourism

Simplifying the Travel and Tourism Industry with Blockchain

His research interests include technology applications, supply chain management, logistics, marketing, and tourism. John G. He advises the public and private sectors worldwide and is a regular subject matter expert on TV and Radio. He received a Ph. His research interests include the economic and business implications of blockchain. Citation: Rejeb, A. Abstract Medical tourism has witnessed significant growth over the last decade.

By combining healthcare services with tourism and hospitality, this nascent sector creates a new tourist class with access to affordable healthcare services. Information technology is an essential factor, which can enable the growth of medical tourism. Technology enables the search process for information about the available services, costs, hospitality, tourism and post-treatment options.

However, these technologies are primarily legacy systems and lack interoperability. Several questions arise, including the ability of the potential patient-tourist to verify crucial factors such as the quality of care and the credentials of the medical professionals and medical facilities. In this conceptual paper, we investigate the potential benefits of Blockchain technology to address some of the open questions in medical tourism.

We conclude that Blockchain technology can benefit medical tourism, and we lay the foundation for future research. Drivers of this development include the high costs of private medical insurance, low reimbursement rates for specific procedures, lack of local expertise, and long wait times in public healthcare.

The scope of medical tourism ranges from minor dental procedures to cosmetic surgery and significant interventions such as an organ transplant. Medical tourism positively contributes to economic growth in adjoining sectors, including tourism, transportation, pharmaceutical industry, and hospitality. The magnitude of medical tourism is reflected in the fast-growing number of medical tourists estimated to be million cross-border patients worldwide Patients Beyond Borders, Moreover, the globalization of medical tourism is aided by higher disposable incomes, technology transfer and growing competition in this lucrative segment.

The introduction of new technologies in travel and tourism introduces new consumer-centric tools. Research in the tourism field underlines the impact of technology and contributes to the continuous development of strategies to increase the satisfaction of medical travellers. Moreover, there are several information systems that can be profitably integrated into the medical tourism industry, such as point-of-sale POS systems for cosmetic services Cosmetisuite, , electronic health records systems EHR Rezaei-Hachesu et al.

Blockchain has become a promising technology for driving large-scale societal and economic change. The heightened popularity of blockchain stems from its ability to create a trustworthy network where value can be exchanged between peers. The technology has extensive, industry-spanning possibilities for applications Fosso Wamba et al. Blockchain technology has received increasing attention from academic researchers and industry practitioners who aim to solve persistent problems in many areas.

With the rapid digitization of healthcare, the introduction of blockchain technology is expected to have significant implications on healthcare delivery services for medical tourists.

For example, medical tourism providers face the challenge of convincing potential customers of the quality of medical care centres and the safety of health outcomes Connell, In this conceptual paper, we discuss how blockchain technology can enable patient travelers to gain in-depth knowledge and enhanced trust in medical tourism destinations.

In doing so, we lay the foundation for future theoretical and empirical research. As such, the health-conscious consumer becomes both a tourist and a patient in order to obtain either preventative healthcare assessments or healthcare treatments such as cosmetic, dental or even invasive surgical interventions. More broadly, the final decisions made by aspirational medical tourists is influenced by their online search for trusted, safe, timely and cost-effective healthcare options and services.

The primary drivers for searching for alternative healthcare and medical intervention options are affordability, accessibility and availability. In many countries, particularly those located in developed regions in the world, public healthcare often provides essential services while private medical insurance coverage carries a high cost and may penalize those with pre-existing medical conditions.

Social pressure and universal ideals of beauty can create an obsession with physical appearance. In turn, this leads to elective, minimally invasive procedures e. Furthermore, patients may have a congenital disability, such as a cleft lip, cleft palate or other physical deformities.

Finally, another market segment includes gender reassignment or correction surgeries. Since the technological gap has been narrowed globally, the affordability of medical care has become a decisive factor for shifting the patterns and flows of medical travellers.

The significantly lower costs are applicable to a growing array of healthcare services provided throughout Central Europe and Asia Bostan et al. Furthermore, medical tourism might be an option when treatment procedures are delayed due to long waiting times, priority listings, and the paucity of organs necessary for transplant operations.

For instance, many Japanese firms send their employees to neighbouring countries for yearly medical checkups. Medical tourism, such as this showcases the importance of organ transplant tourism, which saves thousands of lives every year.

Blockchain technology has numerous characteristics such as immutability, transparency and enhanced security which can significantly impact business processes as well as whole industries Treiblmaier, In this paper, we primarily focus on those characteristics which can impact the medical tourism industry. In Figure 1, we summarize four essential areas of focus, namely, disintermediation, trust and transparency , digitization and interoperability and privacy. We will elaborate on these in the sections below.

Increasing demand for medical tourism has paved the way for healthcare intermediaries to become facilitators between international patients and medical service providers Connell, Intermediaries provide a wide array of value-added services for this new class of tourist-patient.

As such, potential patients experience significant information asymmetry about the specific healthcare facilities and rely on intermediaries to answer queries and arrange their travel and hospitality.

The activities carried out by intermediaries include the matching of patients with appropriate medical care providers. It may extend to arranging specific travel procedures e. Traditional travel agencies maintain a dominant position in the medical tourism industry which can lead to opportunistic behavior. Medical tourism packages offered by these entities are often delivered at inflated prices which are marked up from the actual costs of the healthcare service providers.

Moreover, medical intermediaries are very likely to restrict available options due to their affiliation with specific medical providers to whom they exclusively send their patients Herrick, Being specialized in a particular target market or service, intermediaries might refer patients to inappropriate medical providers with additional mark-ups and high referral fees.

More troubling, these medical tourism intermediaries are unlikely to be held legally accountable for any failures, since they are not healthcare providers themselves Connell, Blockchain technology can significantly lessen the asymmetric power of medical tourism intermediaries. For example, blockchain technology can enable medical tourists to engage in direct, interactive communication with foreign healthcare service providers. In doing so, they can objectively verify their qualifications, certifications and procedural costs.

This can lead to the elimination of unnecessary costs and reduce patient dependence on exclusive arrangements through intermediaries to arrange all aspects of their medical travel and tourism. The technology, therefore, holds an untapped potential to unlock new value, since it reduces information asymmetry by enhancing the transparency of information and knowledge about medical facilities. In the context of medical tourism, this implies that the mostly foreign health service provider is reliable, that their medical professionals are competent, and that the entire medical institution is highly adept at improving the health of their overseas patients.

The proliferation of informative medical tourism websites creates greater awareness of healthcare services. Rather than consulting with a medical tourism agency or contacting a healthcare facility directly, medical tourists favour online methods to quickly obtain and assess information on healthcare services and prices Greenspan, The use of ICTs supports the patient-tourist in their decision-making process and may assist them in negotiating medical packages.

Medical tourism businesses strive to attract customers through new marketing channels, media coverage and social media platforms such as YouTube, Facebook and Twitter.

ICTs are essential enablers of medical tourism, especially in the initial phase of information search and medical facility selection. According to Connell , the biggest hurdle that medical tourism providers have to face is the challenge to persuade potential patients about their qualifications and the quality of pre, and post-procedure services as well as overall patient safety.

Medical facilities signal their qualifications through various online and offline channels with the goal of reducing information asymmetry between them and the potential patient.

Blockchain technology can be used to link the qualification claims of health facilities to their various certification bodies and authorities. In this regard, blockchain technology facilitates the verification process of credentials, including certifications and qualifications of the facilities, doctors or specialists, and the authentication of online reviews. The latter is useful because potential patients often feel uncertain about post-procedural outcomes or unfulfilled expectations.

The reliability of online health information is often questionable, and individuals are, therefore, cautious when seeking medical information online Lunt et al. Moreover, most medical websites aim to influence cognitive, affective, and behavioural dimensions of consumers Manaf et al.

With all of these challenges in mind, the medical tourism industry is primed to become a principal beneficiary of blockchain technology. In line with Pilkington , the use of blockchain in medical tourism can enhance patient trust and information transparency. Using blockchain technology allows potential medical tourists to make reasonable and well-informed decisions. In the planning stage, prospective medical tourists can use blockchain-enabled systems to optimize their search for medical tourism services by receiving detailed, authentic, and verified information about medical tourism institutions.

Second, medical tourism providers can build brand equity for their customers from the beginning and sustain a consistent brand image DeMicco, The integration of blockchains in the medical tourism industry can help to provide credible and in-depth medical and non-medical information. Blockchain-enabled systems can also assist medical tourists in making a more informed decision, regardless of their socio-economic, cultural, or linguistic backgrounds Lee, The operational mechanism of health-related systems has several significant limitations.

This results in inaccessibility problems and inconsistency of medical information. This implies that if medical tourists want to terminate their involvement with a particular foreign healthcare provider, then they would not be able to transfer their medical information to their new provider, as they lack access to the records system. As a consequence, interoperability, security, and privacy issues resulting from the online exchange of health-related records should not be overlooked as being part of the medical tourism experience.

A medical tourism ecosystem based on blockchain technology allows overseas patients to maintain an increased level of control over their health data and to take an active role in ensuring communication between their overseas healthcare providers and their local physicians Alleman et al.

Furthermore, blockchain can significantly improve the quality of healthcare service delivery to medical tourists. Furthermore, recommended treatments may include drugs which are not available in their home countries. Blockchain technology can create an effective solution to the enduring problem of fragmentation in medical records, and alignment of prescribed medications to those which are approved and readily available in their home countries. Importantly, blockchain architecture also guarantees that patients have secure access and control over their encrypted health records.

Importantly, blockchains immutability feature ensures that patients are unable to change, remove, or add any health-related information to these records.

These capabilities have already caught the attention of policymakers who consider the technology as an enabler for health tourism Pilkington, One integral component of medical tourism is patient privacy. Medical tourism patients often entrust their sensitive records to untrusted healthcare providers or intermediaries Connell, As far as the sensitivity of their medical records is concerned, some tourist-patients feel more confident when they know that their privacy will be protected, regardless of the geographic remoteness of their medical tourism destination.

This distrust is aggravated by the use of modern ICTs in medical tourism. While these technologies have significantly facilitated the recall of information on medical procedures and details, they have also opened up a new arena for privacy intrusions. Wagle provided evidence that websites regularly display patient information in the form of testimonials and photographs, along with the type of treatment administered.

What value will blockchain play in Metaverse tourism?

Blockchain technologies were developed to solve trust issues, so they can be used for reputation and identity management in tourism. According to experts, one of the most upcoming trends of the blockchain technology in tourism is the tokenization of hotel services. It is particularly relevant for card payments. Also, there are risks of frauds in private exchanges. To resolve this problem, hotels especially large club hotels and chain hotels can issue their internal tokens and sell additional services, souvenirs, guided tours," — experts say.

Bitcoin, Cryptocurrencies and the Travel Industry

If technological infrastructure, controls, and the regulatory and supervisory framework are not adequately developed or implemented, it could expose banks to greater operational, cyber, and money laundering risks. Additionally, the lack of tax on BTC capital gains could attract foreign inflows of bitcoin to the country, increasing money laundering risks for the Salvadoran financial system. By law, businesses must accept BTC as legal tender unless they do not have access to the technology needed to process the transactions, and banks must accept customer payments in BTC. This has been an economically positive development for the tourism sector in rural areas surrounding San Salvador. This app has been downloaded by approximately three million people, according to the government. However, the sustainability of growth and future demand are uncertain. To promote the use of the cryptocurrency, taxes can be paid in BTC, and the government has begun to offer discounts at some gas stations if payments are through the Chivo wallet. Implementation of the Chivo wallet has had reported issues, such as misallocation of funds and identity theft, that could generate mistrust of potential users. Financial Institutions must follow additional regulatory guidelines, policies, and processes regarding money laundering risk management to offer digital wallet services or USD-BTC convertibility, resulting in barriers to entry to participate in the cryptocurrency market.

The Impact Of Blockchain On Online Customer Experience

Technological innovations provide huge opportunities to expand and revolutionize the scope of products and services offered. This is particularly true for tourism, which is undergoing significant changes due to the development of new technologies. The level of technology diffusion depends on several factors like the exchange of information among peers, and the attitude and shared perception among the contributors. The aim of the study is to explore the diffusion of technology in tourism with a specific focus on the social media discourse around new technologies.

The Impact of Blockchain on Medical Tourism

Over recent years, blockchain technology has generated significant excitement within many industries and fields. This is large because it has the potential to dramatically change the way in which information or data is stored and used, enhancing transparency and security, while also improving transactions. Here, we take a more detailed look at the various ways in which blockchain is being used, or is likely to be used, within the travel industry. Although blockchain technology can sound confusing at first, it is actually pretty simple to get to grips with. Ultimately, it is a list of public records, also known as a public ledger, where transactions between parties are listed or stored.

Application Potential of Blockchain Technologies in the Travel and Tourism Industry

Over the past few weeks, it's been impossible to watch or read any financial news without being confronted by Bitcoin. People are starting to take notice. Whether or not you believe the whole cryptocurrency thing is a bubble or that something you can't hold in your hand can't possibly be worth that much, the technology is here to stay. That technology is, essentially, blockchain. We've written recently on the potential that blockchain technology holds for the travel industry. Today we're going to focus on the concept of a digital currency.

Blockchain in tourism: another dimension of old problems

Technologies are emerging, disrupting and affecting our lives in ways that indicate we are at the beginning of a Fourth Industrial Revolution, a new era in which digitalization builds and impacts societies in new and often unanticipated ways. It is worthwhile considering exactly what kind of shifts we are experiencing and how we can ensure, collectively and individually, that this revolution creates benefits for all. Tourism was one of the first sectors to digitalize business processes on a global scale, bringing flight and hotel booking online to become a digital pioneer.

How Blockchain Technology is Disrupting the Fight against COVID-19

RELATED VIDEO: Blockchain In 7 Minutes - What Is Blockchain - Blockchain Explained-How Blockchain Works-Simplilearn

Stay up-to-date with the latest business and accountancy news: Sign up for daily news alerts. Details on the potential of blockchain, its implications for auditors, how the accountancy profession can lead and what skills are necessary for the future. Blockchain and the future of accountancy Tech Faculty's report on Blockchain describes the technology and its likely impact on business, in particular on the accounting profession. Blockchain has the potential to enhance the accounting profession by reducing the costs of maintaining and reconciling ledgers, and providing absolute certainty over the ownership and history of assets. Blockchain could help accountants gain clarity over the available resources and obligations of their organisations, and also free up resources to concentrate on planning and valuation, rather than recordkeeping. Alongside other automation trends such as machine learning, blockchain will lead to more and more transactional-level accounting being done — but not by accountants.

Tourism 4.0: Challenges in Marketing a Paradigm Shift

But there have been continual government efforts to boost domestic travel, and measures to support returning international demand after Thailand began reopening to vaccinated international travelers from 63 countries on November 1, In , Thailand ranked eighth globally in international tourist arrivals, with China being a key source market. Thailand recorded a high of 40 million visitors in , with the top three spending categories for inbound visitors that year being in accommodation 28 percent , shopping 24 percent of spending , and food and beverages 21 percent. Furthermore, the Thai tourism sector created 36 million jobs between and Unfortunately, the pandemic and related restrictions have hit travel particularly hard, as international travel plunged. Passengers on international flights to Thailand dropped by 95 percent in September , compared to the previous year. Hotels, in turn, only filled 9 percent of their rooms Exhibit 1.

Opportunities and challenges of Blockchain-Oriented systems in the tourism industry

Neural networks are widely used in the field of cognitive diagnosis. The studies on the convergence of cultural industry and tourism industry are emerging, but the theoretical system needs to be improved. The research on the convergence mechanism between cultural industry and tourism industry can complement each other on the basis of independent theoretical system, which establishes relationship between the two theoretical systems. Based on the adaptive neural network algorithm and from the perspective of blockchain, this study takes cultural industry and rural tourism industry as examples to diagnose the industry convergence of rural cultural industry and rural tourism industry development, which will further consolidate the theoretical basis for the convergence and development of tourism industry and cultural industry, as well as contribute to promoting development of industry convergence.