Following the PolkaTrail
Elevating the Travel Experience Industry
The Travel and Tourism Industry Today
The world has seen a steady and significant rise in the travel and tourism industry over the past fifty years. According to the UN World Tourism Organization (UNWTO), there were 1.5 billion international tourist arrivals in 2019. In fact, the direct contribution of travel and tourism to the global GDP amounted to approximately $2.9 trillion [1]. This staggering number makes the industry highly lucrative and attractive to investors.
The exponential surge in global travel can be attributed to several factors, not the least of which is the growing availability of budget airlines, making travel more accessible than ever before [2]. But even more significantly, there has been an undeniable paradigm shift in how the travel and tourism industry works. Technology has played a huge part in changing the face of the industry and has given consumers more options, thereby shifting control and power from the service providers to the consumers [3]. Where travel agents used to have a monopoly of travel dynamics, today, customers can craft their own itineraries based on their personal preferences. Not to mention the growing number of digital-savvy travelers that have necessitated travel companies having strong online portals that offer better services at lower costs. This has allowed for enterprises like AirBnB and Expedia to thrive, in that they give consumers affordable and convenient alternatives.
However, the unprecedented arrival of the Covid-19 pandemic has brought the thriving travel industry to an abrupt halt. With extreme travel restrictions still in place across various global territories where vaccination rollouts have lagged, the travel industry has become one of the hardest hit sectors due to Covid. In fact, the UNWTO foresees close to 70% decline in international arrivals, with recovery to pre-crisis levels not expected earlier than 2023 [5]. While outlooks remain uncertain at this time, all projections still arrive at the same conclusion: eventually, travel will resume. There will be greater demand than ever for the transformative and positive impact of travel, especially in a post-Covid world where individuals and families had to spend extensive periods of time locked up. One thing is for certain, the face of the travel and tourism industry will once again change as a direct result of the pandemic. Thus, a distinctly unique opportunity is available today to craft innovations as to what the industry can look like moving forward.
Blazing a PolkaTrail
It is within this rare industry backdrop that PolkaTrail finds itself. Embracing the current challenge of reviving the industry, PolkaTrail offers pioneering solutions that elevate travel and bring it to new heights.
Powered by the Polkadot Protocol, PolkaTrail offers a decentralized application that lets anyone list accommodation, tours and other city travel experiences without the need for middleman or tech companies that capture value at the expense of owners and customers. Since PolkaTrail is a decentralized ecosystem and application built on blockchain technology, it essentially does away with exorbitant platform commission fees while ensuring completely transparent transactions, eliminating hidden costs and surcharges. Being community driven, users have the option to participate in fractionalized real estate ownership, which decreases property entry barriers of start-up rental businesses. Holders also have the unique power to participate and vote on proposals to improve the platform. Moreover, PolkaTrail offers an NFT marketplace that showcases travel-inspired art collectibles that feature different cities, adding an original element to the travel experience [6].
Pivoting Towards PolkaTrail
Attempting to tackle the herculean challenge confronting the travel industry is no small feat. However, it does offer the irresistible opportunity to transform the face of travel and tourism. With novel DEFI features and a versatile travel app that focuses on user experience, PolkaTrail has a strong chance of improving in-city travel in a post-Covid world. Pivoting towards such a crucial endeavor will not only prove highly rewarding but industry-defining as well.
[1] https://comparecamp.com/tourism-statistics/
[2] https://www.theguardian.com/news/2019/jul/01/global-tourism-hits-record-highs-but-who-goes-where-on-holiday
[3] https://www.fingent.com/blog/emerging-technology-trends-in-travel-tourism-industry/
[4] https://www.cnbc.com/2020/05/06/coronavirus-pandemics-impact-on-travel-tourism-in-5-charts.html
[5] https://www.oecd.org/coronavirus/policy-responses/rebuilding-tourism-for-the-future-covid-19-policy-responses-and-recovery-bced9859/
[6] https://polkatrail.com/assets/pdf/deck.pdf?fbclid=IwAR1OsWV_Gu4MWoORmgRrkuJeEKrehd6izdpuH9Ww9x0ra7KrMK5UlJ9YbkE
