How can Blockchain help improve the Hotel & Hospitality industry?
In an industry that has had to contend with the impact of the pandemic and manage cost price pressures due to increasing material inflation it is apparent that the application of innovative technology could provide multiple benefits. When exploring appropriate technology applications it is clear that one solution that could provide multiple benefits to the industry is Blockchain. Blockchain is a digital system that can provide enhanced transparency, information security and authenticity. It is a shared immutable ledger that not only records transactions but can track assets throughout a Value Chain. When exploring how this technology can provide benefits to the Hotel and Hospitality industry an appropriate starting place would be the Food supply chain. Adopting such a platform provides enhanced collaboration between venues and their food suppliers. Goods can not only be tracked from source and product iterations and transportation conditions can be confirmed via a platform to ensure the quality of goods is to the highest required standard. Applying a Blockchain platform which is then supported by a front end platform and menu QR code can empower guests to check food origins, allergy information and potentially sustainability credentials. Applying this will create an enhanced customer experience and loyalty. Additional blockchain supporting applications such as Smart Contracting can also provide huge benefits. A Smart Contract is an application which can be used to automatically processed transactions once pre agreed conditions have been met. As example of this relevant to the Hotel and Hospitality industry is once a transaction has been recorded (this can often be complicated by the involvement of multiple parties) payments based on pre agreed contractual terms can automatically be processed, this reduces operational costs and enhanced accuracy. The application of Blockchain may be viewed as complicated and expensive this is a fallacy and is due to historical issues regarding early adoption and implementation methods from early adopters many years ago. When explored in more depth it is clear that the technology can provide multiple benefits across this industry and one that can provide high ROI for those wishing the explore and implement. #technology #supplychain #sustainability #blockchain #food #collaboration #hospitalityindustry #hotel