Skift gives bitcoin an in-depth travel perspective

BTN News
Thursday, 12 May 2016

Did you ever wish you could instantly receive your frequent flier miles as soon as you were seated aboard the plane?


Or that you didn’t have to worry about carrying your passport with you everywhere you go when you’re travelling abroad?


A recent Skift article may be the story of the week for you....


The article leads off: A single technology disruptor, born of Bitcoin, is emerging as a possible solution for travel-related situations. It’s blockchain, the underlying system by which Bitcoin operates. Bitcoin is another name for digital currency and it runs off blockchain.


“Bitcoin is like Skype for money,” said Melanie Swan, a blockchain theorist at the New School for Social Research in New York.


In its most basic form in relation to currency, blockchain is similar to PayPal, but without having to wait for your bank and the other person’s bank to verify a transaction, or having to pay a fee to transfer the money.


In an investors note prepared by Goldman Sachs, the analysts said about blockchain: “This decentralised, cryptography-based solution cuts out the middle man. It has the potential to redefine transactions and the back office of a multitude of different industries. From banking and payments to notaries to voting systems to vehicle registrations to wire fees to gun checks to academic records to trade settlement to cataloguing ownership of works of art, a distributed shared ledger has the potential to make interactions quicker, less-expensive and safer.”


In recent months, blockchain has garnered quite a bit of attention from financial institutions. Recently, banking giants J.P. Morgan Chase and Citigroup completed a successful test run of blockchain using credit-default swaps, The Wall Street Journal <http://www.wsj.com/articles/bitcoins-blockchain-technology-proves-itself-in-wall-street-test-1460021421> reported.


The complete article is at https://skift.com/2016/05/12/why-airbnb-and-other-travel-brands-are-interested-in-blockchain-technology/

Skift gives bitcoin an in-depth travel perspective

BTN News
Thursday, 12 May 2016

Did you ever wish you could instantly receive your frequent flier miles as soon as you were seated aboard the plane?


Or that you didn’t have to worry about carrying your passport with you everywhere you go when you’re travelling abroad?


A recent Skift article may be the story of the week for you....


The article leads off: A single technology disruptor, born of Bitcoin, is emerging as a possible solution for travel-related situations. It’s blockchain, the underlying system by which Bitcoin operates. Bitcoin is another name for digital currency and it runs off blockchain.


“Bitcoin is like Skype for money,” said Melanie Swan, a blockchain theorist at the New School for Social Research in New York.


In its most basic form in relation to currency, blockchain is similar to PayPal, but without having to wait for your bank and the other person’s bank to verify a transaction, or having to pay a fee to transfer the money.


In an investors note prepared by Goldman Sachs, the analysts said about blockchain: “This decentralised, cryptography-based solution cuts out the middle man. It has the potential to redefine transactions and the back office of a multitude of different industries. From banking and payments to notaries to voting systems to vehicle registrations to wire fees to gun checks to academic records to trade settlement to cataloguing ownership of works of art, a distributed shared ledger has the potential to make interactions quicker, less-expensive and safer.”


In recent months, blockchain has garnered quite a bit of attention from financial institutions. Recently, banking giants J.P. Morgan Chase and Citigroup completed a successful test run of blockchain using credit-default swaps, The Wall Street Journal <http://www.wsj.com/articles/bitcoins-blockchain-technology-proves-itself-in-wall-street-test-1460021421> reported.


The complete article is at https://skift.com/2016/05/12/why-airbnb-and-other-travel-brands-are-interested-in-blockchain-technology/