09 April 2024

Blockchain Revolutionising Industry

0 min read
Blockchain Revolutionising Industry
Lauren PitmanWritten ByLauren Pitman

Lauren is the Lead Project Management at Propeller, responsible for creating great client-relationships and delivering results on-time.

Imagine a world where trust and transparency are built into the very fabric of our day-to-day interactions. This is the promise of blockchain technology, and its potential to disrupt the hospitality, apparel and membership industries is vast. In this article, Propeller explores how blockchain is revolutionising these sectors, with real-world examples already making waves.

What is Blockchain?

At its core, it is a secure, decentralised digital ledger. Think of it like a giant, shared spreadsheet – but one that’s tamper-proof and constantly replicated across a network of computers. This allows for secure record-keeping, with every transaction permanently documented and visible to authorised parties.

Hospitality 2.0: Streamlining Overnight Stays & Enhancing Trust

The hospitality industry is ripe for blockchain innovation. Here’s how:

  • Streamlined Booking & Identity Management: Imagine a future where booking platforms leverage blockchain to securely store guest data. This eliminates the need for repetitive form-filling and allows secure, frictionless check-in.
  • Enhanced Loyalty Programs: Blockchain can power loyalty programs that are transparent and secure. Guests can easily track their points and redeem them across different hotels within a chain, fostering brand loyalty.
  • Smart Contracts & Secure Payments: Smart contracts, self-executing agreements stored on the blockchain, can automate tasks like room release upon payment confirmation. This reduces administrative burdens and streamlines the guest experience.

Industry Example: Winding Tree

Winding Tree, a vacation rental platform, utilises blockchain to empower property owners and renters. Their platform allows secure peer-to-peer transactions, eliminates the need for intermediaries, and fosters trust through verifiable rental agreements stored on the blockchain.

Apparel Revolution: Transparency in the Fashion Supply Chain

The fashion industry is plagued by issues like counterfeit goods and a lack of transparency in production processes. Blockchain offers solutions:

  • Tracking Provenance & Combating Counterfeits: By recording every step of a garment’s journey, from raw materials to finished product, brands can provide consumers with verifiable proof of authenticity. This combats counterfeiting and empowers consumers to make informed choices.
  • Ethical Sourcing & Sustainable Practices: Consumers are increasingly demanding ethical and sustainable fashion. Blockchain allows brands to track the origin of materials and ensure fair labour practices throughout the supply chain, building trust and brand reputation.

Industry Example: Everledger

Everledger, a leading blockchain solutions provider, has partnered with luxury fashion brands to track the provenance of diamonds and high-end goods. Their platform provides consumers with a secure record of a product’s origin, increasing transparency and value.

The Future is Now: Exclusive Memberships on the Blockchain

Beyond streamlining transactions, blockchain offers exciting possibilities for exclusive memberships. Imagine a members-only club where access is controlled through secure, tamper-proof tokens. This eliminates the need for physical cards

Industry Example: Bored Ape Yacht Club (BAYC)

BAYC consists of 10,000 unique Bored Ape NFTs functioning as membership cards to a club filled with exclusive benefits. Owning a Bored Ape NFT grants access to online parties, real-life meetups, and even intellectual property rights to the ape’s image, creating a strong sense of belonging among the members.

While it is still in its early stages, its potential to revolutionise the hospitality and apparel industries is undeniable. By fostering trust, transparency, and efficiency, blockchain is poised to create a win-win situation for both businesses and consumers. Propeller is excited to see how this innovative technology continues to reshape these dynamic industries.

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