Anil Kondla
Last Updated on July 25, 2024 by Team Experts
Web3 has been one of the latest technologies that have brought a revolution in most industries. Web3 technology can bring potential benefits to the hospitality industry by facilitating increased hotel inventory booking, safe transactions, no third-party requirement, and prevention from fraudulent activities.
Here we highlight the benefits of web3 in the hospitality industry.
What is web3?
Let’s begin by explaining the core concept of web3.
Web3 is a term given to the idea of decentralized internet services. The term has been around for years since the time the co-founder of Ethereum, Gavin wood, coined it. Intellectuals and big companies see this emerging technology as the future. The reason? The incorporation of blockchain mechanisms into web3 can offer users full control of their data.
There are many advantages of using web3, which is evident from its continued popularity. Ownership, decentralization, enhanced security, and digital identity are some key benefits of web3. Web3 development companies are in demand as most industries want to tap into the potential of web3 technology and improve their functioning.
Overview of web3 in hospitality
The hospitality industry is the most heavily invested sector in the world. Before web3 came into being, most companies were running on the web2 model. All information related to their customers was controlled and managed by third-party entities. Besides, heavy fees, delayed payments, and occasional fraudulent transactions are other disadvantages faced by the industry.
With the advent of web3 hospitality, hotels, restaurants, and other hospitality businesses are improving their service quality, guest experiences, and profitability. Below we present some possible ways web3 technology would benefit hospitality.
- Web3 has simplified the management process. Through transparent ledger spread across a network of nodes allows easy access to all the information, such as bookings, visitors, etc. However, these distributed ledgers also help keep track of transactions occurring on the platform.
- Web3 development companies are mainly focusing on providing the user with an extreme level of transparency. The technology is primarily creating an interconnected ecosystem that fosters smooth information sharing and interoperability.
- Integration of web3 in the hotel industry allows the creation of NFTs. In hospitality, hotel room keys, loyalty rewards and incentives are represented in the form of non-fungible tokens. These tokens promise authenticity and ownership rights.
- As we know, web3 has many potential use cases, such as the metaverse. Hospitality is also adopting the concept of the metaverse. Metaverse in hospitality is enabling customers to discover and engage with hotel brands in a whole new way. There are opportunities for virtual tours of hotels and NFT rewards.
The future of web3 in hospitality
As we mentioned above, the metaverse is disrupting the entire hospitality industry. There are new and unparalleled experiences in the industry. Here is what hospitality equipped with web3’s greatest application, the metaverse looks like.
Virtual tour of hotels
Customers now have an opportunity to take a virtual tour of a hotel and decide whether to finalize their dream stay. These virtually represented hotels mimic the physical hotels and their interiors exactly the way they are in the real world. The customers can visit hotel rooms and have a close look at their sights and offerings without being physically present.
Virtual twins
Having the metaverse integrated into hospitality does a lot for the industry. Customers can make use of their human-like digital avatars to perform certain activities inside that recreated virtual hotel. They can socialize, interact, connect and build new relationships with the help of those digital avatars. Thus, metaverse integrated into the hospitality industry can help us dive into immersive experiences, such as going on trips with others’ virtual avatars.
Elements represented in the form of NFTs
Web3 ensures that you gain something valuable during and after your stay. Thanks to non-fungible tokens. You can find NFTs in the form of room keys or even the art pieces hung on the walls of those virtual hotels. Further, these tokens are also utilized to issue digital membership cards to customers and give away digital prizes.
Final thoughts
The web3 revolution for hospitality surely doesn’t end here. There will be new innovations and advancements in the coming years. But one thing that is going to stay forever with the hotel brand is decentralization and providing more power and control to their customers. Each one of us will have unique travel experiences with guaranteed security and transparency. As more and more adoption of web3 technology takes place, we can expect web3 development companies to bring a revolution in the hospitality industry.
