How Blockchain Technology Is Changing The Face Of Hospitality – Rolling Stone
Crypto can be in the winter, but blockchain technology in the hotel space continues to grow and evolve. Blockchain technology offers a growing number of opportunities for the hospitality industry, especially the restaurant world.
Blockchain and NFTs could revolutionize supply chain transparency. There are companies, like EZ Labs, that focus solely on blockchain solutions – without cryptocurrency – that track the exact origin of genuine parts in the supply chain to provide security in the project. finished. This is tracked on the blockchain so it cannot be tampered with. Penfolds is already using this technology for its wine exports to China; wine can be traced on the VeChain blockchain platform. Another example of a blockchain wine tracking company is EZ Labs.
Almost like a certificate of authenticity (but one that cannot be forged), blockchain technology can track and monitor every part of the process, from when it is picked, bottled, and shipped, to when it arrives. The touchpoints it passes through are all tracked on the blockchain. It’s a way to really make sure the process is secure every step of the way. With 25.8% of bottles suggested as fake according to Euromonitor’s 2018 Global Illicit Alcohol Study, ensuring the product is genuine is even more important than ever. But I think it can go even further.
Some areas of wine investment are still way behind in terms of systems and processes. Legacy systems tend to stay very old, with big companies doing business for you. Your winery really only exists on paper with faith in the holder. Blockchain technology could give individuals more transparency over their holdings and help reduce the risk of fraud.
Blockchain could also help modernize the collection and trade of fine wine, opening it up to those with less capital, like what we’ve seen in the investment world with apps. Right now, most places you are going to invest require you to invest between $5,000 and $8,000 before you even start investing. Many of them focus only on the top brands, many of which are well over $1,000 a bottle. If bottles and barrels of premium wine and spirits could be tokenized as NFTs, people could buy and trade much more freely without the need for a wine investment company. They could trade openly on digital platforms.
For brands that sell wines and spirits, this is something that could really revolutionize the process. This could give you a direct line to customers able to deposit tokens for new wines as rewards. This can help with brand loyalty: think of the airdrops we are already seeing in the crypto space. This could provide brands with new ways to raise capital directly from customers who buy its products.
For restaurants, NFTs could replace the way tables are reserved. We have already seen many great restaurants like the Fat Duck (Bray, Berkshire, England), Clove Club (London) and Alina (Chicago) selling tickets in prepaid seats. No-shows are currently a major problem for restaurants. The restaurant where I work, Restaurant Story, only has 10 tables; if two do not appear, it is 20% less on the covers. If the tickets were digital and secure NFTs, they could be sold and then traded easily so that people who cannot make their reservations could sell them on an open market or gift them to friends and family without hassle.
The main downside here is that there could then be a premium with people reselling. But then again, this is where the percentage function of the resale of the NFT is paid to the restaurant. This means that the restaurant does not lose the advantage of being so sought after that people are willing to pay four times the value of the restaurant reservation.
The combination of blockchain technology working with physical products and services offers a whole range of possibilities that are only barely explored.