Friday, December 9, 2022

Cool Cousin: Using Blockchain to Replace Online Travel Reviews with Feedback

Cool Cousin: Using Blockchain to Replace Online Travel Reviews with Feedback

The increasing travel frequency of present day young adults is adjudged as the major reason behind increasing number of travel agencies. This traffic is also responsible for the series of innovations and fierce competition that exists in the travel and tours industry.

This is a press release provided by Cool Cousin

Millennials, who happen to be the largest living generation are known for their increased spending power, and decreased desire to purchase products. This explains the fundamental reason why they remain the driving force behind the expanding travel and tours industry. At the same time, this is the most internet savvy generation who would rather spend the whole day seeking solutions online than walking into the store down the road to purchase goods or services.

Meeting up with travel demands

The above mentioned peculiarities explain why there are numerous online solutions in the form of agencies rendering various services within the tourism ecosystem. For example, TripAdvisor has 260 million unique monthly visitors and 125 million travel reviews and opinions from travellers around the world. Other sites like MonsterCrawler and Virtuoso are also known for their information supply and function as booking and general trip planning platforms. Airbnb have become popular with the platform serving as a central meeting point between and homeowners who may be willing to share a part of their apartment or the entire space for given periods of time. These are services that immensely with everyone of them making effort to take a sizeable chunk of the market.

As more vendors make their way into the market, competition increases, thereby causing these companies to embark on some desperate measures to remain relevant. This is the reason why online agencies will display old attractive photos of hotels or any other structures whose current state is not as attractive anymore. Some of these companies even go as far as paying for favourable reviews of their client products in order to improve their ratings and encourage marketability. This particular practice is of so much significance because of the impact it has in influencing the decision of site visitors. 70% of global consumers say online consumer reviews are the second most trusted form of advertising while 88% of consumers trust online reviews as much as personal recommendations. Therefore, tampering with these elements would reflect hugely on the outcome of services.

Industrial malpractices

These malpractices are only possible because of the closed system that is being run currently. Centralized systems are not transparent and open for real time auditing. Manipulations are possible only when control is centralized and processes are opaque in nature. The consequence of such situations is that it is making the system more and more untrustworthy as more travelers get disappointed with deflated expectations after their trips. A traveler who gets less than what he had been promised when booking his trip will never trust such a system anymore. As the population of disappointed subscribers increase, the system becomes blacklisted and unsustainable.

As sad as it may sound, the online travel agencies have reached that point where redemption is needed in order to restore the confidence and enthusiasm of travelers. Trust and confidence are factors that cannot be over-emphasized in this situation because it is a system that has to do with early commitment towards future anticipations.

Blockchain decentralized control

Blockchain is a technology that is known to give a say to every participant involved and ensuring that power and control are effectively decentralized. Therefore by implementing this technology, Cool Cousin is giving travelers and opportunity to choose from a large pool of individualized service providers. These come in the form of locals who are on ground and can provide real time information and direct service to travelers. This system will function to clear the existing doubts and eliminate the shades of grey that is upheld by centralized bodies.

Image via Pixabay

This is a sponsored press release, provided by Cool Cousin. Bitsonline is not responsible for the products and or services of this company and its clients. This article contains links to third-party websites. Bitsonline is not responsible for the content on those websites.

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