Crypto Tourism: A Quick Guide

Crypto Tourism
Cryptocurrencies have skyrocketed in popularity in recent years. They have progressed from a speculative asset class to one gaining widespread mainstream acceptance. And it's not just retail investors who are interested; cryptocurrencies are finding applications in various industries, including tourism. Yes, the travel industry, like many others, has warmed up to these virtual digital assets. It has even spawned a new type of operation, namely crypto tourism.


Introduction to Crypto Tourism

Crypto tourism is categorized into two broad groups: the first has tours and travel packages purchased with cryptocurrency. Emirates Airlines, the biggest airline in the UAE, has said it will soon accept bitcoin as a form of payment. Air Baltic, a Latvian airline, has also been accepting bitcoin for a long time.

The second type of crypto tourism is trips and travel packages where crypto conferences, classes, or lectures are a big part of the schedule. You might not understand why someone would take a vacation to go to a lecture or learn about blockchain. Well, most people don't go on vacations like these. Instead, they focus on entrepreneurs and crypto fans who want to network, meet people with similar interests, and discuss business ideas. In addition to the usual sightseeing and relaxing, these crypto trips include talks by well-known speakers and industry veterans.


Limitation and Scope

Crypto tourism is a small market with few options, and only a small number of travel partners accept crypto payments. Also, the people who put on some crypto trips often use these events to sell ICOs and do other marketing.

However, crypto tours are great for people who want to learn about cryptocurrencies, meet others interested in the same things, and relax. They are also great if you want digital money to pay for your trip. Then, you don't have to worry about currency exchange rates or losing cash.


A Different Reality

Crypto tourism might be niche, but it is a new reality in the travel industry. It allows safe transactions and innovative tours, which many businesses are keen about.

Spotlight

Meridional Events

Meridional Events is a Destination Management Company (DMC) in Spain, specialised in MICE services in Andalusia.

Our main services include:


The main destinations where we offer our services are:
OTHER ARTICLES
Hospitality Management

Blockchain Technology in Travel Insurance

Article | June 20, 2023

Most people associate the term "blockchain" with cryptocurrencies such as Bitcoin, Dogecoin, or Ethereum. Blockchain is the technology behind cryptocurrencies, but it is also a technology in its own right that has many uses. Blockchain is an immutable ledger that tracks transactions and assets, like cash and patents. All parties have access to the same data simultaneously, eliminating intermediaries and making it a cost-effective way to track assets. It could, for example, track a flight delay and automatically refund a customer’s money. A German blockchain start-up Etherisc launched an insurance product, FlightDelay, which uses blockchain to automatically issue policies and execute payouts for flight delays and cancellations on around 80 airlines. Customers can buy policies with cryptocurrency and receive claims in cryptocurrency. Flight delays are where blockchain-based insurance can make a difference in the travel insurance domain. Data on delays and cancellations is readily accessible, and all assist in automatic payments. This way, companies that offer flight insurance can avoid higher claims-processing costs and save on data protection costs because blockchain is secure. U.S. Insurance Regulations Prevent Blockchain-based Travel Insurance In the U.S, there is a need for state-by-state approval for changes in regulations. Blockchain’s appearance in the U.S. insurance industry may take another ten or fifteen years. However, the potential of blockchain-based insurance products is huge. Insurance companies can sell them at much lower costs compared to traditional insurance products. Blockchain Can Change the Travel Insurance Business Interestingly, the U.S. already has an insurance product similar to FlightDelay but none of them have the blockchain component. Called ‘parametric insurance’, an auto payout is done when some parameter is violated. Using blockchain technology to offer this insurance could save money and enable insurers to pass on some of the savings to the customers. Insurance industry experts think blockchain will definitely make a mark in the travel insurance domain and can change the way travel insurance businesses operate at large.

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Hospitality Management

Online Travel Fraud: Mitigating Risks & Preventing Slashing Revenues

Article | July 24, 2023

In 2020, the number of suspected online travel fraud attempts in the U.S. jumped by 136.6%. Two years later, the online travel fraud “industry” is still going strong, making online travel agencies and tourism businesses lose their money and reputation. "Traveling has always been when people are more vulnerable. A few hundred years ago, the perpetrators were pirates or highwaymen. Now those criminals are still out there, but they've changed their methods to focus on digital attacks instead." -Caleb Barlow, ex-Vice President of X-Force Threat Intelligence at IBM Security. Mitigating fraud risk is important in any industry, but it is especially important in industries like travel where competition is fierce and margins are shrinking. The high resale value of its digital goods makes the travel industry vulnerable to fraud. Fortunately, advanced solutions that prevent fraud have shown great results in the airline and travel industries. Machine learning and artificial intelligence tools are improving in efficiency. With their help and a variety of other methods, a good travel fraud prevention team can curb fraud in the travel industry, increase profit margins, and cut down on the costs and time taken for manual reviews of transactions to prevent financial losses. How are Online Travel Agencies Mitigating Fraud Risks and Safeguarding Revenue? Online travel agencies need to be on their toes to preserve their revenue and reputation, and the integrity of their operations to grow and sustain their businesses. Modern online fraud prevention methods can protect you from fraud without jeopardizing the customer experience. Let us look at these methods: Implementing Machine Learning-based Solutions Machine learning-based models can be the backbone of your fraud protection strategy. These models can recognize patterns and predict outcomes. They help you identify anomalies in customer behavior in real time, flag an account-takeover attempt, analyze transaction riskiness, and block them before they result in a chargeback. ML-based fraud detection software like Signifyd and Riskified detects illegitimate activities related to payments, account creation, purchases, and chargebacks. They monitor websites, networks, and applications for fraud and prevent digital payment fraud. It is important to remember that you need to strike a good balance between these preventive measures and your customer experience, so you do not lose business by focusing on only one aspect. Transaction Monitoring This method focuses on the credit card used for booking. Using an intelligence tool, check if there is a mismatch between the user’s IP address and their billing information and if the same user is making too many bookings from the same account or same card. Combine these insights with user verification and fraud scoring tools so you can reject suspicious transactions automatically. Also, keep an eye on changes to bookings to avoid problems, and follow the Payment Card Industry Data Security Standard (PCI DS S) to make sure card payments are as safe as possible. User Profiling Gather important customer data like email addresses, credit card information, loyalty points, and social networking handles. Behavioral data on what the customer does on your website or your mobile app, the devices through which the customer connects to the website, and their email address or location can help prevent fraud. Additionally, online travel agencies can verify users in the following ways: Use an address verification service (AVS) and a card security code (CVV or CVC). Verify scanned ID documents using SaaS products to add another layer of security to every transaction. Create a blacklist to block specific users if you notice any suspicious attempts. Use device fingerprinting to block devices previously associated with fraudulent activities. Anti-ATO Methods To prevent account takeover attempts, deploy two-factor authentication for travel agents, and 3D secure PIN codes for end customers. Biometric technology and mobile payment wallet apps like Google Pay, and Apple Pay can curb swindlers from getting into a customer’s account without secure pins or fingerprints. Verify Suppliers Set up a process for verifying every supplier before making any payments. Check their business license, business reviews on Google, and check their Google Street View to confirm if a hotel actually exists at the mentioned address. Ensure that there is no correlation between a steep increase in hotel prices and booking activity because it could be a hotel price spike scam. Block Bot Attacks Any kind of abnormal spike in web or app traffic can be an indication of a bot attack. Real-time protection against bots can be a great way to handle illegitimate traffic. Compare every website request against the in-memory pattern database using ML and AI to check and block bots swiftly. Implement networking that can safeguard your domains within milliseconds upon detecting a bad bot. Control Friendly Fraud Chargeback abuses are hard to prevent. The only way to fight back is to document compelling evidence to prove that the said transaction was legitimate. Document order forms, tracking numbers, online travel agency customer communication logs, any kind of travel product redemption evidence, and confirmation for items delivered to an address that matches with the address verification service (AVS). Air France Sped Up Manual Reviews By 70% Air France wanted an easy way to access reliable information on potentially risky transactions. So they chose SEON’s Intelligence Tool. “The time spent by Air France analysts on manual reviews is down by an impressive 70%.” - Eric Facquet, Deputy Manager of Fraud Prevention at Air France Summing It Up Tackle online travel fraud head-on while keeping in mind your end customer. You must protect your customers from fraud in a way that is strong, practical, and well-balanced. This way should cover the customer's entire journey with you, both literally and figuratively. FAQ Which software tools can help with fraud detection? Fraud detection software tools such as SEON, ClickGUARD, Riskified and Oracle Adaptive Access Manager can help detect fraud. How can you improve fraud detection? Use machine learning models to automate processes for fraud investigation, and regularly update rules for detection and how to handle alerts. What does fraud detection software do? Fraud detection software regulates accounts, payments, purchases, and events in real-time to detect any fraudulent activities. It also protects sensitive company and customer data.

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Travel Technology

AI CRM and Online Booking Tipped To Boost Travel Recovery

Article | May 5, 2023

Travel technology professionals view tech as the way to help travel come back stronger, according to research. The TravelTech Show (formerly TTE Europe) polled buyers and suppliers who listed artificial intelligence, customer relationship management and online booking tools as the top three technologies to help boost recovery. Rounding out the top five were self-service portals and innovative payment options. The findings will be unsurprising to many in the industry already looking to AI, the cloud and other technologies to boost efficiency and improve the customer experience. Brian Sheerin, managing director of SABS Travel Technologies, says: Allowing travelers to self-book through an OBT [online booking tool] while still providing simple methods to communicate, such as online chat, are key to reducing customer frustration and allowing travel businesses the space to restructure, to resource and to meet customer expectations. OBTs were already playing a massive part in booking travel pre-pandemic and now it is even more important in the role of rebuilding the sector and customer confidence in it.”In recent weeks, American Airlines announced a far-reaching partnership with Microsoft, Expedia Group unveiled its new tech platform Open World and Miami Airport announced its rollout of biometric boarding technology. Payment developments and other advances in travel fintech also have been highlighted recently as an increasing priority to the industry as it looks to find new revenue streams. The TravelTech Show research also quizzed participants on the top challenges facing the travel technology industry currently, with economic uncertainty taking the top slot (52%), followed by COVID-19 restrictions (46%) and climate change (36%). Cyber security took fourth place compared to two years ago when it was in seventh place. Meanwhile, sustainable travel moved to seventh place compared to the second-place spot it held in 2020.

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Airlines and Airports

Smart Airports: Hassle-free Air Travel & Revenue

Article | July 12, 2022

Airports are embracing data and technology to improve the experience for both passengers and vendors. Such ‘smart airports’ where internet-connected devices control functions like thermostats and security using cloud-based technologies to enhance the consumer experience, are quickly becoming commonplace. The Emergence of Smart Airports Smart Airports were made to solve control and management problems that airports are having more and more of because of the number of people and goods that go through them. Because of this, experts from all over the world are focusing on smart airports, which use the latest developments in telecommunications, infrastructure, robotics, and the Internet of Things (IoT). Advantages of Smart Airports Real-time data improves operational efficiency. Cost reduction, productivity improvement, and operational perfection. Demand optimization through passenger flow control and entry automation. Improved passenger handling, flight control, check-in, etc. Biometric monitoring systems, advanced cyber security, and reliable operations and maintenance improve surveillance and security. Better ground and health surveillance (cleaning frequencies, availability of amenities, etc.). The Revenue Angle A smart airport uses Wi-Fi access points as sensors to track passengers’ location and record their dwell times. With this data, the airport could place signs and ads where they would be seen. While landing travelers previously made few purchases, this airport placed signs for products they may want to buy before leaving where they would be seen. The result was increased sales for retailers and landside revenue for the airport operator. (Source: Deloitte Study) Traveler’s & Airport Operations Experience A traveler constantly interacts with technology systems and stakeholders during his journey through the airport. The smart airport systems influence the traveler’s safety, convenience, and overall experience at the airport. Operations like bag tracking, indoor navigation, in-store beacons, geo-fencing, queue analyzer, biometric screening, Wi-Fi passenger tracking, and building management systems are powered by IoT implementations that make an airport smart. Creating a Smart Airport: The Checklist A well-structured planning process can assist airport leaders in navigating all of the options and gaining confidence in achieving the airport's business objectives. The checklist includes the following steps: Selecting an IoT solution that aligns with your business goals Determine the organizational and technical abilities required to implement the solution Craft a road map to address gaps between the required abilities and existing abilities

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Spotlight

Meridional Events

Meridional Events is a Destination Management Company (DMC) in Spain, specialised in MICE services in Andalusia.

Our main services include:


The main destinations where we offer our services are:

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PR Newswire | February 02, 2024

The Friedkin Group announced today that the company has entered into a strategic partnership with BDT & MSD Partners ("BDT & MSD"), a merchant bank built to serve the distinct needs of business owners and strategic, long-term investors. BDT & MSD, through its affiliated hospitality investment vehicle, will make a minority investment in Auberge Resorts Collection, the manager of the award-winning portfolio of luxury hotels, resorts, residences and private clubs set in some of the world's most desirable locations. In addition, BDT & MSD's hospitality vehicle intends to invest significant capital towards acquiring and developing luxury hotel and residential assets that will be branded and managed by Auberge Resorts Collection. The partnership reflects BDT & MSD's belief in Auberge Resorts Collection's unique brand positioning and focus on creating one-of-a-kind luxury hospitality experiences. The investment will support Auberge's continued strategic growth in the Americas, Europe and beyond, with a focus on gateway urban markets and high-profile experiential destinations. "This partnership further solidifies Auberge Resorts Collection's position as the leading name in boutique luxury hospitality and marks a new and exciting era for our world-class portfolio," said Dan Friedkin, chairman of Auberge Resorts Collection and chairman and CEO of The Friedkin Group. "BDT & MSD's differentiated, long-term capital and expertise in luxury hospitality investments makes them a perfect strategic partner and will allow us to further grow the strength of the Auberge brand." "Auberge is a world-class manager of distinctive luxury hotel properties, with an exceptional track record of delivering curated guest experiences in the world's leading hospitality markets. We are excited to be a part of its future and look forward to partnering with Auberge's talented team to build on its differentiated strengths and accelerate further growth," said Coburn Packard, partner & head of real estate at BDT & MSD. Since becoming part of The Friedkin Group in 2013, Auberge Resorts Collection has grown into the leading name in boutique luxury hospitality, comprising 27 unparalleled properties across the U.S., Latin America and Europe, with a development pipeline of over a dozen hotels and two additional hotels planned to open in Florence and South Carolina this year. While each property is unique, all share a crafted approach to luxury and bring the essence of the location to life through one-of-a-kind design that reflects the destination, exceptional cuisine and dining experiences that attract both the local community and global traveler, innovative spas and wellness retreats and highly personalized service.

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Sonesta Announces First Sonesta Es Suites Ground Up Development

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Auberge Resorts Collection Announces Strategic Partnership with Bdt & Msd Partners

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