With the improvement of people's living and economic, the tourism market has been paid more and more attention. According to the Report on World Tourism Economy Trends (2018) issued by World Tourism Cities Federation (WTCF), the growth rate of global tourism market in 2018 is still higher than that of the global economy. The revenue growth rate of global tourism market is expected to reach 6.7%, which is higher than the International Monetary Fund's forecast of 3.6% of the global GDP growth rate and the World Bank's forecast of 2.9%.
Tripedia is well versed in the situation and pain points of tourism industry. With the development of the Internet, Global Distribution Systems (hereinafter referred to as GDSs) and Online Travel Agencies (hereinafter referred to as OTAs), two types of intermediaries in global tourism market, have entered the field of vision and monopolized the booking system of tourism industry. The tourism industry is currently developing during an upward period and it seems that the customers are immersed in the convenience of online booking, but the industry problems are lying underneath. With tremendous data the major OTAs possess, they monopolize the market, delay in payment to suppliers, and impose restrictions on payment methods, which makes small and medium-sized travel resource suppliers hard to survive, and consumers' access to information blocked. Due to this, it's difficult to form a public, transparent and healthy tourism ecosystem.
The Blockchain technology interprets this pain point from a new perspective and provides creative solutions. Through distributed data storage, P2P transmission, consensus mechanism and encryption algorithm, the data can be stored in network nodes in the form of block series instead of being recorded only on the centralized server. Decentralization makes the data traceable and tamper-proof