Concept, Applications, Challenges, and Security Threats of Blockchain Technology in the Tourism Industry
Ashish Raina, Sarita Rani, Gaurav Bathla · Advances in hospitality, tourism and the services industry (AHTSI) book series · 2024
Blockchain technology, a decentralized, transparent, and immutable system, has emerged as a transformative force across various sectors, including tourism and hospitality. Originally developed for cryptocurrencies, blockchain's core principles—such as enhanced security, decentralized data management, and trustless transactions—are now being applied to address key challenges in the tourism industry. Despite its numerous advantages, blockchain presents several challenges and security threats to the hospitality industry. Issues such as scalability, high implementation costs, regulatory uncertainty, and data privacy concerns complicate its adoption. Furthermore, the risk of cyberattacks, including 51% attacks and vulnerabilities in smart contracts, poses significant security threats. The chapter concludes by acknowledging blockchain's potential while emphasizing the need for the industry to navigate these challenges carefully, particularly through strategic investment in infrastructure, security, and compliance.