How Web3 Can Revolutionize Booking and Refund Policies
The post How Web3 Can Revolutionize Booking and Refund Policies appeared on BitcoinEthereumNews.com. Table of Contents Web3 has caused those involved to view the world differently. While they are standard foundations now, the thought of having a globally available, borderless and government-less currency would have been unthinkable just a short time ago. With the exception perhaps of gold bars, this has been impossible (however, gold bars are a bit more difficult to transfer instantly). Yet now a thriving Web3 ecosystem has many different exchanges, both centralized and decentralized. Likewise, the role of smart contracts can simply not be overstated. Smart contracts have created a world where trust does not have to be verified because it can be removed from the equation entirely. A neutral party that is completely transparent, has no motivation, nor the ability to change the way it executes the contract. This enables complete strangers from different parts of the world to have complete confidence in a business transaction. However, there are more benefits to Web3 that are just now being explored. Much like exchanges and smart contracts, the travel industry involves many different geographic locations, a large community of suppliers, and in most cases, the need to conduct business with complete strangers. Because of laws and (perhaps more importantly) online ratings from other customers, this works much of the time. But when it doesn’t work, especially when there are unexpected cancellations, it can fail terribly and cost the traveler a lot of money. However, if we look closely at some of the challenges in the travel industry, we can see that there are a number of parallels with those areas that Web3 has significantly improved. Let’s dive in and explore some of the key issues with traveling, especially when things get canceled unexpectedly, and then show how Web3 can create new solutions for travelers. Traveling Woes Traveling is meant to…
The post How Web3 Can Revolutionize Booking and Refund Policies appeared on BitcoinEthereumNews.com.
Table of Contents Web3 has caused those involved to view the world differently. While they are standard foundations now, the thought of having a globally available, borderless and government-less currency would have been unthinkable just a short time ago. With the exception perhaps of gold bars, this has been impossible (however, gold bars are a bit more difficult to transfer instantly). Yet now a thriving Web3 ecosystem has many different exchanges, both centralized and decentralized. Likewise, the role of smart contracts can simply not be overstated. Smart contracts have created a world where trust does not have to be verified because it can be removed from the equation entirely. A neutral party that is completely transparent, has no motivation, nor the ability to change the way it executes the contract. This enables complete strangers from different parts of the world to have complete confidence in a business transaction. However, there are more benefits to Web3 that are just now being explored. Much like exchanges and smart contracts, the travel industry involves many different geographic locations, a large community of suppliers, and in most cases, the need to conduct business with complete strangers. Because of laws and (perhaps more importantly) online ratings from other customers, this works much of the time. But when it doesn’t work, especially when there are unexpected cancellations, it can fail terribly and cost the traveler a lot of money. However, if we look closely at some of the challenges in the travel industry, we can see that there are a number of parallels with those areas that Web3 has significantly improved. Let’s dive in and explore some of the key issues with traveling, especially when things get canceled unexpectedly, and then show how Web3 can create new solutions for travelers. Traveling Woes Traveling is meant to…
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