The web is currently transitioning from Web 2.0 to Web 3.0. In simple words, 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 that are driving this transition includes 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 reach its full maturity. The main motivator for Web 3.0 is the introduction of Blockchain technology. Information systems for the tourism industry are one sector that is influenced, however, the actual extent of this transformation is still up for debate (TIS).
Organizations can be ready as business travelers start to travel again by thinking about the four corporate travel archetypes of the future – the “never left,” the “never returning,” the “fear of missing out” (FOMO), and the “wait and see” segments. According to recent TravelTech Show data, 74% of business experts in the sector plan to use Web 3.0 as a marketing tool. Corporate travel is an important aspect of managing a company’s travel requirements. 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 corporate travel through personalized and improved service, disruption management, customer identification and loyalty programs.
As the industry begins to embrace Travel 3.0, through the third wave of innovation built on the always-connected perspective provided by consumer mobile technology, it can be anticipated that bigger changes are on the way. The global business market was approximately around US$700 billion during the covid crisis, when the whole industry got widely impacted, with corporate travel bearing the brunt of the fluctuating travel restrictions in various countries. During these times, companies adapted to various alternative ways, like teleconferencing, to ensure business continuity.
Despite significant changes in the last two years, the travel business is now emerging as a success. The current picture is favorable, as the travel market in India is projected to reach $125 billion by FY27, as per FICCI (Federation of Indian Chambers of Commerce & Industry). The question that arises is how the industry will adapt to innovative ways and new technology solution The answer is Web 3.0. The main features 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:
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This article published in ET World Hospitality was contributed by Sunitha Chandrasekaran