The web is currently transitioning from web 2.0 to web 3.0. Simply put, it is the third version of the Internet, which is expected to bring autonomy to the existing Internet through decentralized technology and the application of artificial intelligence. The number of factors driving this transition include the rise of mobile devices and the expansion of social media and data. In the next two to three years, we will see Web 3.0 come of age. The main motivation for Web 3.0 is the introduction of Blockchain technology. Information systems for the tourism industry is one sector that is being influenced, however, the true extent of this transformation is still debated (TIS).
Organizations can be ready as business travelers begin to travel again by thinking about the four business travel archetypes of the future: “never left”, “never return”, “fear of missing out” ( FOMO) and the “wait and see”. According to recent data from the TravelTech Show, 74% of business experts in the industry plan to use Web 3.0 as a marketing tool. Business travel is an important aspect of managing a company’s travel needs. Organizations are developing the required and necessary technology to support this evolution and enable their customers to seize new opportunities every day. There are various alternatives today to improve business travel through personalized and improved service, disruption management, customer identification and loyalty programs.
As the industry begins to embrace Travel 3.0, thanks to the third wave of innovations built on the always-connected perspective offered by consumer mobile technology, we can expect bigger changes to be on the way. The global business market will reach an estimated $791.9 billion by 2026. But during the pandemic, the entire industry has been largely impacted, with business travel bearing the brunt of fluctuating travel restrictions in various countries. During these times, companies have adapted to various alternative means, such as teleconferencing, to ensure business continuity.
Despite significant changes over the past two years, the travel industry is now becoming a success. The current situation is favorable as India’s travel market is expected to reach USD 125 billion by FY27, according to FICCI (Federation of Indian Chambers of Commerce & Industry). The question that arises is how the industry will adapt to innovative means and new technological solutions. The answer is Web 3.0. The main characteristics of Web 3.0 include decentralization, autonomy, anti-censorship, anti-fraud and high security. With these features in mind, let’s talk about the benefits Web 3.0 brings to the table:
Improved reconciliation process with blockchain, smart contracts and decentralized applications. This will help reduce costs and increase competitive advantage.
Increased Security – Web 3.0 makes it much harder for hackers to gain access to sensitive personal data. The interest is to be immutable, immutable, anti-fraud and completely transparent.
Blockchain-based technology for travel transactions can monitor every transaction, ensuring companies are held accountable for their activities
Supply chain management can be easily monitored. Businesses can immediately uncover any challenges in service delivery by breaking down silos, improving time management and reducing costs.
The perfect combination of technology and travel plays a vital role in the way we travel. Along with automation, travel technology has transformed tourism and made travel planning efficient, with the promise of more interactive and unique experiences. With the advent of immersive technologies in Web 3.0, some organizations are hosting business conferences and product launches in the metaverse. In this context, here are some of the technological opportunities in the field of business travel:
Immersive technologies via Metaverse for an inclusive conference with online and offline presence. This would require the company’s technology space to integrate avatars, create event spaces in the metaverse, etc. These will provide opportunities for a fully integrated conference, product launches, and more.
Tokenization and cryptocurrency would become an integral part, meaning they need to be supported in enterprise travel software, where travelers can use their blockchain-based wallets.
There are many decentralized loyalty platforms hitting the market that need to be supported by road warriors who steal frequently.
As the corporate travel space becomes more aware of sustainable travel, through gamification, NFTs (non-fungible tokens) can be used as a way to empower travelers who book sustainable travel and accommodation .
The above list is just the tip of the iceberg and is not exhaustive. The answer would depend on how creatively the company could use these concepts and implement them to benefit travelers and the business travel market. Humans are adaptable and innovative whenever problems arise and circumstances become unexpected. We can fully realize the enormous potential of Web 3.0. Businesses cannot ignore or contest the arrival of Web 3.0 because of the endless opportunities and benefits it offers.
The author is Senior Manager, Software Engineering, Saber