Given how information and identities in the internet can be quickly forged, it is easy for misinformation and rumors to spread. And this is one of the reasons why cryptocurrencies are often associated with fraud and scams. However, because cryptos are built on blockchain technology, it is also suffering from the same allegations.
For instance, a 2020 report by surveys and insights firm PwC found that only 24% of respondents believe that blockchain technology is “very or extremely trustworthy.” Additionally, a 2021 survey by consulting group Capgemini found that only 35% of respondents believe that blockchain technology is “ready for widespread adoption.”
Nonetheless, it is important to remember that blockchain is a technology, and like any technology, it can be used for good or for bad. This is what blockchain solutions firm Gate2Chain CEO Joe Holles de Peyer emphasized during last year’s “Blockchain, tourism, and the future of the Internet” event in Mallorca, Spain.
The event focused on the potential benefits of tourism on blockchain. de Peyer highlighted how blockchain can positively impact the tourism economy of Mallorca, especially when island relies heavily on tourism profits. In fact, Mallorca’s tourism accounts for 30% of the island’s GDP in 2019.
Specifically, de Peyer underscored blockchain’s distributed ledger technology that allows for secure, transparent and tamper-proof transactions as core abilities for tourism to innovate itself.
de Peyer made sure to point out how misinformation and disinformation hinders the potential of blockchain, especially when misplaced sensationalism can ruin blockchain company names and delay progress. In this case, de Peyer defended blockchain’s “true and valuable capabilities” by introducing Gate2Chain’s solutions for tourism on blockchain.
“We feel it is important that we not let the headlines of cryptocurrencies distract us from blockchain’s true and valuable capabilities. Instead, amidst all the recent noise, Gate2Chain has been working on real-world solutions,” de Peyer said.
de Peyer presented the following Gate2Chain products that can greatly aid in boosting the tourism economy, not only in Mallorca, but in other tourist destinations, as well.
- Trace is a digital twin solution that brings lifetime value and ownership guarantees for products. This solution ensures a merchant’s ownership over a product. Because blockchain data is immutable and tamper-proof, ownership records are guaranteed to be authentic. This effectively addresses counterfeiting and fraudulent activities.
- Minta is a new kind of social commerce platform where people and companies can tokenize products, services and tickets. This simply means that users can create digital representations, or digital tokens, that represent real-world assets. Since blockchain is transparent and decentralized, Minta also allows for tourists to track their travel arrangements and monitor how their money is spent. This builds trust between tourists and vendors.
- The G2C Suite is an enterprise-grade means of connecting new and existing applications, services and platforms to the public blockchain. This blockchain-based suite basically allows for a more efficient and secure way for travelers to book travel arrangements, make payments, and manage travel documents.
Smart contracts, which are self-executing codes written on the blockchain can automate agreements and streamline processes that need to be completed when traveling. This includes booking flights and hotels, making payments, and obtaining visas. This not only saves travelers time and money, but also reduces the incidents of fraud.
de Peyer firmly stated his belief that tourism on blockchain has a lot to offer to Mallorca and other tourist-rich cities. Blockchain leaders such as him, who actively work on relevant blockchain solutions, are crucial not only in clearing the misinformation that surrounds blockchain, but also in actualizing its potential uses and benefits.