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Introduction

The aim of this publication is
to highlight the potential for
improving the way that
bookings can be made in the
travel and tourism industry.
Despite the sector's vital
importance, there remain
several inefficiencies which
have remained unaddressed
for too long. This paper will
attempt to explain, in simple
terms, why the sector is of
great importance, summarize
the existing problems and
propose a viable solution. By
doing this, we demonstrate
how the leveraging of
blockchain technology can be
used to create a relevant app
powered by a single global
token which can revolutionise
the industry in a sustainable
way which is mutually
beneficial for all relevant
stakeholders.

Importance of the travel and
tourism industry
The importance of travel and tourism to the global economy cannot be overstated. A
major driver of global growth, the sector directly contributed 2.6 trillion US dollars
to Global GDP in 2016. The contribution looks even more impressive when one
considers that indirect contributions amounted to in excess of 7.6 trillion US dollars
and the industry can be credited with providing 292 million jobs (World Travel &
Tourism Council, 2017).

Despite the already leviathan size of
the sector, it shows no signs of
slowing down. According to the
World Travel & Tourism Council,
expenditure in the sector is
forecasted to grow by approximately
3.9% per annum over the next
decade. During the same period, it
is forecasted that 23% of all new
jobs created will be supported by
travel and tourism resulting in a total
of 380 million jobs. To put this into
perspective that would be
approximately one ninth of global
employment. Should these
forecasts hold true, it means that
not only will this sector outperform
other sectors but by 2027 it will
contribute 11.4% of global GDP.
The facts and figures speak for
themselves and show the vital
economic significance and
opportunities that travel and tourism
present. Should we take the
financial aspects of the sector to the
side, there is a multitude of other
reasons why the sector is important
to modern society. With the world
getting smaller due to ease of
transport and affordability, the
importance of awareness and
appreciation of different cultures
and societies continues to grow by
the day. As the world opens more

and becomes a larger melting pot of
multiculturalism, travel can be
expected to play a vital role in the
appreciation and understanding of
each other. Therefore it is a duty of
humanity to make access to
international travel more efficient
and lower thresholds to ensure
wider access to all. In recent years,
the industry has made effective use
of leveraging new technologies in
order to enhance stakeholder
experience. To put this into clearer
perspective according to our
conducted surveys 89% of
Americans prefer booking hotels
online and 84% preferred booking
vacation transport online. Analysis
of these trends shows that the path
of least resistance is for the
continued growth of online bookings
due to the comparative ease in
contrast with traditional methods. In
short, stakeholders in this sector are
open to evolving with the times and
embracing the new methods of
arranging their travel if it results in a
better user experience and is more
time and cost efficient. This means
that any disruptive or gamechanging

technology is more likely
to be embraced rather than resisted
by its intended user base.

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