Transforming Travel and Tourism: The Impact of DeFi and Blockchain Technologies

Abstract

The current global development trends, technological development and IT solutions. i.e. industries. 4.0. Many jobs will be vanished due to ICT, AI, & technological advancement. This article explores the transformative potential of Decentralized Finance (DeFi) and blockchain technology within the travel, tourism, and hospitality industry. The tourism and hospitality sector faces an inequitable environment that necessitates disruptive technology that enhances operational efficiencies. Blockchain facilitates direct data transfer between parties without the use of intermediaries, eliminating mistakes and avoiding transaction adaptations by requiring approval from many parties.

By analyzing current applications and theoretical underpinnings, the study evaluates how these technologies can address traditional industry challenges such as transparency, security, and efficiency. Through a comprehensive literature review and methodology that includes case studies and expert interviews, the article provides insights into the practical implications and future trends of integrating blockchain and DeFi solutions into the industry.