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Community

What is BLOCKCHAIN and How can it Benefit the Travel Industry❓

TOURCOM | 07.15| 87

What is Blockchain
It is simply a LIST of public records (public ledger), where transactions are stored, and each record in blockchain known as a BLOCK, is secured using cryptography.

What makes it SAFE

🎈Blockchain is DECENTRALIZED meaning there is NO entity that has complete control over the processing of information: Data get distributed throughout the different nodes (computers) that are part of the network, and blocks (containing transaction info and a time stamp) cannot be added or altered without CONSENSUS from the entire network, ensuring security and transparency of data.

🎈Additionally, for blocks to be altered, all subsequent blocks have to be altered as well because they are inextricably linked like CHAINS. Thus, data is more permanent and resistant to unwanted tampering.

How can Blockchain benefit the travel industry

🎈Ensures security: Its decentralized nature ensures security and transparency of all data.

🎈Ease of foreign transactions: Blockchain allows payments to be made with cryptocurrency which is not only more secure but also much easier especially for foreign transactions.

🎈Authentic reviews: When we plan a trip, we read ton of reviews, but they are not always reliable: We don’t know who is writing them, and the central authority can easily manipulate reviews. With blockchain, reviews cannot be altered because the ownership of the reviews is given to the reviewer as opposed to the controlling entity. Users of the platform are also motivated to leave high quality reviews by rewarding them with tokens.

🎈No intermediaries: Devoid of intermediaries (middlemen) collecting high fees, all parties save significant amount of money.

🎈Easily accessible info: Information flows securely and globally while being accessible at all times.

🎈Rewards can be easily allocated and managed: Using blockchain, rewards can easily be distributed in form of tokens, which can be used in the ecosystem to purchase products/services. Unlike the complicated point systems provided by airlines, balance can easily be managed and checked.

_________

Tourcom it is a well-grounded company established in 2007 with an unprecedented concept of “travel-now-pay-later. This company, that records 20 million dollars in yearly sales will be engaged in a reverse ICO in July 2019 to raise funds to expand its existing services by leveraging blockchain technology. Utilizing company’s wealth of experience, global network, and vast amount of database, the company is creating an innovative AI-based travel platform for independent travelers to enrich their travel experience by helping them easily find compatible travel companions, local guides, and customized schedules that reflect travelers’ interests. With over 130,000 existing members, Tourcom ecosystem is expected to take off with ease.

Tourcom website: http://www.tourcom.io

For a related story, go to https://joind.io/english?id=98

Tourcom Telegram group: https://t.me/tourcom_blockchain_official

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