How TripXChain And The Blockchain Technology Can Change The Thailand Tourism Ecosystem

Currently, when it comes to tourism, Thailand is ranked number 1 (one) in the whole of Southeast Asia. She is currently ranked among the top tourist countries in the Asia-Pacific region when it comes to the total earning capacity of the industry. According to a report published by the United Nations (UN) in 2017, Thailand was ranked 11th in the world in terms of the number of tourists in the country, and in terms of revenue from tourism, she is ranked the 5th in the world. Going by the statistics of the country, you will find out that tourism is one of the major pillars of the country’s economy.

Aside from the fact that tourism makes up for most of the country’s economy, you will find it interesting to know that the industry has opened a way for other industries in the country. For example, since the number of tourists in the country increased, there has been an increase in housing, food, the transport industry, and other related industries. Tourism has also led to the emergence of high-value investment opportunities like; real estate, shopping malls, the transportation industry, the entertainment industry, etc. Although Thailand has a rich culture with various IP resources, it has become very difficult for the commercial value and impact of these resources to be measured simply because of lack of clear and concise goals and also the lack of transparency. This has contributed its quota to the low revenue made from these resources.

Problems With The Current Tourism Industry

While the tourism industry in the country has received several accolades, it has certain challenges that all major players have had to face. These challenges include;

  1. Overbooking
  2. High commission paid to middlemen or intermediaries
  3. Several reports of fraud cases
  4. Payment and transaction delays and complications
  5. International payment and settlement issues

Tripxchain As A Solution

Basically, Tripxchain is a decentralized public chain platform that has been developed specifically for the capitalization, commercialization, and application of the blockchain technology which has been referred to as the most innovative technology of the 21st Century. With the development and launch of this platform, Tripxchain becomes the first ever public chain project for all digital businesses in not just Thailand but the global travel and tourism industry.

One of the most amazing things about this blockchain based project is its structure. The project is made up of; auditors, nodes, contract holders, consumers, decentralized applications (DApps), and other meaningful stakeholders. This platform has been developed specifically for the tourism industry. It focuses on hotels, scenic areas, homestays, and consumers. With the launch of this platform, the Thailand tourism industry stands to gain increased trust, larger services, and incentives. This platform eliminates the need for middlemen, thus, ensuring that you do not have to pay for the commission.

Interestingly, an application has been developed. This all-in-one app will help tourists from all over the world book for facilities and accommodations. This has been made to be easy to use and allows you to convert fiat currencies.

Tripxchain and it’s Masternode Model

What Are Masternodes In Cryptocurrency?

Masternodes are designed to bridge the gap between efficiency and decentralization.

A masternode system improves upon a blockchain by turning it into two networks: one a regular network, like Tripxchain, and on top of that an incentivized network of powerful nodes to provide higher-level infrastructure. The lower network verifies the proof-of-work, and the upper network does the hard math. 

Here’s how Masternodes solve the efficiency problem. You could route your payment through a quorum of Masternodes, who (for a fee) move your payment at the front of the line. You could also use the Masternode network to make your payment anonymous, by mixing it with other transactions.

In Tripxchain, Masternodes are used to maintain decentralized marketplaces, allowing up to 700 transactions per second and they execute smart contracts. Smart contracts help you exchange money, property, shares, or anything of value in a transparent, conflict-free way while avoiding the services of a middleman.

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