Greener travels backed by Web3 technologies

Greener travels backed by Web3 technologies

Massive energy use, inappropriate waste management and disposal, loss of biodiversity, heritage management and preservation of indigenous cultures, and lack of communication channels and background information have posed great challenges to sustainable tourism development.

However, the application of chain technology to tourism development will have a major impact on the entire industry and open up new opportunities for Vietnamese tourism.

In fact, many Vietnamese tourism businesses have recently successfully applied this technology to their operations. Crystal Holidays and Crystal Bay are applying blockchain to connect suppliers with a web3 system to be able to make transactions with end-users, build loyalty programmes, and make secure payments. In addition, the above two units are also designing tokens like Lynkey and calling for investment through this channel.

Blockchain-based cryptocurrency makes peer-to-peer transactions simple, direct, and secure without third parties. Furthermore, the technology can make transactions more equal and distribute the same powers to both providers and consumers. As a result, not only suppliers but also local people can sell tourism products to tourists.

Through the system, local businesses can generate revenue by providing their services and goods directly to tourists to preserve cultural heritage and traditional values, ensuring transparency, quality, and origin of data. Travellers can verify the authenticity of the purchased product and can be sure of its originality.

Reducing waste

From the perspective of contributing to environmental sustainability, blockchain technology can impact the management of the food supply chain and food logistics. The attributes of such tech like transparency, reliability, and immutability of data can ensure a traceability system that provides information about the origin, authenticity, processing and retailing of food products. Such a traceability system will ensure food safety, confirm that food is truly “green”, limit the possibility of counterfeiting or fraud, and enhance the trust and confidence of consumers and tourists.

The growth of the hotel sector generates more waste, and the majority of hotel service waste is represented by food waste. Food waste reduction can be achieved by efficient stock management, redistribution of food surplus, waste recycling and disposal. The integrated, decentralised architecture of blockchain technology can improve warehouse management and facilitate the distribution of surplus food.

Customer experience is one of the important priority goals of travel companies and a smart tourism ecosystem for sustainable tourism development. Travel and hotel companies place an emphasis on the management of customer experience and excellent services to meet the needs and expectations of visitors, with the aim of enhancing the all-around experience and achieving tourist satisfaction.

The application of blockchain technology to customer services, such as traveller tracking, baggage tracking, and travel insurance assistance in the event of flight delays or cancellations can greatly enhance tourist satisfaction as the tech uses a decentralised database to facilitate data sharing between companies.

In addition, blockchain can provide the ability to customise services without violating the privacy of travellers. Using a digital ID with this tech, travellers can optionally choose what data and with whom they want to share their personal information. Many travel businesses also have customer loyalty campaigns. Blockchain works as a tool to support these programmes by simplifying the process and giving customers easy access to information about membership points or using tokens.

Secure and easy travel

National tourism organisations, destination management organisations, local communities, and tourists need to have a global awareness of tourism issues in destinations as well as increase the willingness of individuals to contribute to sustainable tourism development.

In this case, blockchain can provide transparent information on the state of emissions, benchmarks, food supply chains, and traveller choices. Clear and authentic information on the blockchain can help raise awareness and motivate sustainable behaviour by all interested parties.

Virtual currency is a type of unregulated digital currency and transactions are verified by all network members, not by central authorities and governments at a low cost. Tourist destinations can accept and use this cryptocurrency, allowing both tourists and residents to use the cryptocurrency to purchase various products, including flights and accommodation.

A smart contract is a coded programme consisting of an agreement between two or more parties. By applying smart contracts, stakeholders including airline ticket agents, hotels, local shops, tourists, etc. can automatically place orders, perform tasks and make payments without approval and instructions.

Blockchain technology can make a positive contribution to sustainable tourism development by boosting the local economy, achieving tourist satisfaction, and encouraging sustainable behaviour. Therefore, it can help solve many local economic development problems, especially tourism development in a sustainable way.

In the past, the legal procedures for raising capital have caused many difficulties in connecting investment funds and startups, especially startups in the field of tourism. Previously, investors for startups were traditional channels such as angel investors and startup investment funds. These two investment channels often have large cash flows, but they also have very strict regulations when choosing a project to pour money into.

The good news is that startups and especially tourism startups in Vietnam also have access to many new investment channels, including the method of raising capital using blockchain technology. This is an investment channel combined with this tech and crowdfunding. In fact, many Vietnamese tourism businesses have recently successfully raised capital using blockchain technology.

*Bobby Nguyen CEO, Mekong Rustic