Travel Megatrends 2018: Blockchain Sparks a New Tech Race in Travel

Skift Megatrends 2018

In January 2018 released our annual travel industry trends forecast, Skift Megatrends 2018. You can read about each of the trends on Skift, or download a copy of our magazine here.

Call it the Sputnik of travel.

Most of us probably know the story of Sputnik and how the Soviets jostled America in 1957 by beating them to launch the world’s first orbiting satellite. What followed was the costly Space Race that eventually got us to the moon. While the lunar landings added little direct benefit to humanity, the spirit and the efforts that went into research and development spurred advancements in rocket propulsion, avionics, telecommunications, and other innovations no one had imagined possible. Where would Elon Musk and SpaceX be without Sputnik?

In that way, blockchain could become the travel industry’s Space Race — completely insane yet likely revolutionary with spin-off effects across the entire ecosystem.

Short of completely transforming the industry in 2018, blockchain will become a yardstick against which travel enterprises measure their tech prowess. Dabbling in blockchain will send a message to partners and investors. It declares that your company has the bandwidth to look beyond today’s mundane operational challenges. During these early stages, having a self-proclaimed blockchain specialist-in-residence qualifies.

The long-run question is whether blockchain can add real value and make global travel better, faster, and cheaper. At this point, though, it may not really matter. Its mystique and disruptive potential as the next big thing since the Internet will send the industry chasing its lofty promises. Blockchain and “decentralization” is also starting to catch on as a