It’s still a brand new technology, and we’ve still got a long way to go before it becomes mainstream, but there’s absolutely no doubt about it that blockchain is a big deal – and that it will continue to be a big deal well into the future.
In fact, it could bring an end to some of the most profitable corporations.
A Glimpse Into the Spending Habits of Millennials…
Over the past couple of decades, we have seen a huge shift in the spending habits of the younger generation. Research has shown that in the short-term, millennials spend their money more freely than other generations.
In addition, millennials are more likely to spend their money on experiences as opposed to physical items.
It’s no surprise, therefore, that the travel industry is booming – and it’s only expected to grow even larger in the years to come.
The Rise of Internet Travel Giants
With the rise in the number of people choosing to spend a larger proportion of their disposable income on travel, we have also witnessed a large increase in the number of internet travel giants.
Companies like TripAdvisor now have millions of unique users from all over the globe who rely on the website to help them plan their vacations.
Similarly, apps like AirBnB have completely revolutionized the way we search for accommodation. Instead of having no other option than to stay in stuffy, overpriced hotels, we can now choose to essentially live like a local by renting out rooms in people’s homes.
Even applications like Uber have had a huge impact on the travel industry. Instead of having to figure out the transport system in each country we visit and having to find a bus or flag down a taxi, we can now get our own private car to take us directly to our destination in a matter of minutes.
One of the major issues with these travel giants is that they are all owned by large centralized corporations.
The Glaring Problem With the Travel Industry of Today…
With the rise of blockchain technology and decentralization, the travel industry could be about to undergo yet another huge transformation.
According to research, 80% of millennials have stated that they’re looking for something more adventurous, local, and personal when they travel. They say that the best way to learn about a new place is to live like the locals do.
As it stands, many of the large travel giants do not offer this experience. They’re catered to the masses, and often offer nothing more than a generic, touristy insight into different areas.
In addition, many of them are incentivized by other companies to push certain products. This means there are often biases in the information they present.
In today’s age, people – especially millennials – are becoming more and more aware of the biases within the industry, and are becoming more reluctant to trust these centralized sources.
But Thanks to Blockchain, Everything Could Be About to Change Again…
Blockchain startups like Cool Cousin are working to completely revolutionize the travel industry…again.
The application allows its users to discover incredible new places just like a local by connecting them with locals in the area who are willing to lend a hand by giving them recommendations of fun things to do on their trip.
These locals are referred to as ‘Cousins’. The idea that users can connect to the platform from anywhere in the world and be matched up with a friendly local with similar interests facilitates a better, more enjoyable travel experience.
The platform is optimized for millennial travelers who want to experience new areas to the full extent. It could be the future of travel.
Changing Our Reasons to Travel
Whereas at one time we would mostly travel in search of relaxation and a warmer climate, we’ve seen a dramatic shift over the past few years as the number of traveling millennials has increased.
Even so, many of the ideas presented by bringing blockchain to the travel industry are extremely different from anything we’ve witnessed so far.
However, with the rise of millennial travelers striking out and choosing to go solo on their adventures abroad, we can’t deny that these applications undoubtedly fulfill one of the main motivators behind our reasons to travel: to find meaning and connection.