As Professor of Technopreneurship and Innovation at Hotelschool in The Hague, one of Andriew Lim’s roles is to see how emerging technology might influence the business landscape of the hospitality industry. We asked Mr Lim for his thoughts on Blockchain.
Blockchain, is an emerging technology that can be disruptive, not only for hospitality industry, but for many industries. Blockchain has been adapted for online electronic transactions. At the ITB Berlin Convention, my session will present various initiatives in which hospitality companies have used blockchain. Blockchain itself, in general, can be described as a distributed ledger system based on the value record that supports transactions in a decentralised and autonomous way.
It is the backbone of cryptocurrencies, that has made transactions of cryptocurrencies possible. Do you have any case examples?
Currently there are various companies having the initiative to develop and assess how blockchain can be implemented in their business. An example in the hospitality industry is shown by Lockchain, a company that has developed an open source distributed ledger, which will list all available accommodations and their prices including previous transactions done on blockchain. Since this would enable secure data transactions, blockchain might have great potentials in the future, as well as challenges.
What challenges do you foresee?
One of the challenges could be the economy of scale, just like the telephone network and internet in their infancy period, the cost of transactions is still high. But perhaps over a few years, blockchain might be adopted for other applications in the hospitality industry.
How important is the ITB Berlin Convention when it comes to educating and informing the industry on emerging trends?
The ITB Berlin Convention is an important international stage to keep all stakeholders in the hospitality and travel industries updated with recent trends, as it is the biggest event in the world the sector. There are many new updates that can be gained from ITB Berlin and the ITB Berlin Convention.
BLOCKCHAIN: OPPORTUNITIES OR CHALLENGES FOR HOSPITALITY?
- Category: eTravel World
- Date: March 8, 2018
- Time: 2.30pm – 3pm
- Location: Hall 7.1c, eTravel Lab
Photo : Andriew Lim Professor of Technopreneurship and Innovation at Hotelschool