Blockchain technology changes the way users perceive the financial world, although blockhain`s application within other industries is not that popular. The past several years were pivotal for the blockchain technology, with more and more individuals recognizing the benefits of the technology. There were clear indications of blockchain`s adoption in other industries despite its main application as a financial instrument.
TUI group, one of the biggest travel agencies worldwide, is offering their customers a variety of holiday packages, flights, and other travel-oriented services. In 2018 TUI announced that blockchain technology will become a major component of their business model.
TUI Group’s CEO Friedrich Joussen is optimistic about blockchain’s future and its implementation in their business. According to Joussen, blockchain technology is a brilliant way to address 20 million clients individually. “We believe in the technology, because blockchain will become the next Internet”, Joussen added.
TUI Group is already adopting blockchain technology in their business operations. One of the pilot projects, BedSwap, allows hotel owners to monitor and record hotel inventories and rooms availability live, via the Blockhain, so TUI knows exactly where and how many rooms are available for accommodation.
“Using BedSwap eliminates intermediaries and calls out live data about bed inventory and flights. If adopted massively, it would allow companies to save millions over the next several years”, Jousse stated.
Utilizing blockchain technology outside the financial sector can cement the place of modern data-driven companies into the top-picks for the industry. Blockchain also provokes healthy competition, as companies must adapt to keep up with their market share rivals. Blockchain technology can be used in almost every industry, creating a true global market makeover.