Blockchain Technology for Hospitality Industry

Abhirup Khanna, Anushree Sah, Tanupriya Choudhury, Piyush Maheshwari

Abstract: Blockchain technology and its economic, social, and technological implications, have seen significant upsurge among researchers across the globe. Blockchain has revolutionized the concept of transactions by enhancing their security and efficiency. The blockchain technology is primarily associated with Bitcoin but however, the technology has the potential to go far beyond cryptocurrencies across various verticals. In a recent survey performed by Deloitte, more than 53% of the responds across various industries see blockchain technology as a critical requirement for their respective organizations [4]. The hospitality industry is one such domain where blockchain can prove enormously beneficial. The paper explores major application areas that involve the applicability of blockchain technology in the hospitality industry. The work investigates the implications of blockchain technology in enhancing operational efficiency, increased revenue and improved security and privacy for the hospitality industry. The paper establishes a link between blockchain technology and the hospitality sector and subsequently analyses recent works and case studies. A two-step research study has been introduced to present a systematic review of some of the main contributions in the literature that focuses on the integration of the blockchain technology and hospitality industry. The article adds to an interesting concept of blockchain technology, and its current research trends with respect to the hospitality industry and their various areas of application.