How can costs be reduced with blockchain in the tourism industry with BSI token?

Tourism is one of the largest industries in the world that generated over 7.6 Trillion USD in the last year itself, contributing 10.2% of the total GDP. Tourism not only generates secondary revenue but is the primary source of revenue for several countries. Popular tourist spots like Bali depend primarily on the revenue generated by travelers all year round. Experts believe that following the pandemic, the tourism industry can grow by 66% for international travel.

The tourist industry has grown considerably over the last few years after the introduction of online travel agencies. These agencies help travelers preplan everything months before the actual visit making the process more comfortable and simpler. An online travel agency for a fee can help tourists book their hotels, restaurants, travel tickets, activities, and much more. People tend to choose these agencies as they do not have to do any manual research and unwind without worries.

However, what they do not realize is that most online travel agencies charge exorbitant fees for providing these services from global travelers and service providers alike. Their unfair practices not only make tourist packages significantly expensive but also steal the service providers from their fair rewards.

The good news is Bali Social Integrated is acting on this problem and is eliminating the intermediaries using blockchain technology. Bali Social Integrates is a global platform powered by blockchain technology where global travelers and service providers can interact directly.

How does Bali Social Integrated use Blockchain Technology?

Blockchain technology has found use within several sectors because of its advanced capabilities to manage the system remotely. It solidifies the existing digital presence of the industry and brings along new use cases and services.

Tourism is one industry that has benefitted the most from blockchain technology. When someone talks about blockchain, the first thing that comes to mind is stability and security. While that is entirely true, the most significant advantage of blockchain technology is its cost-reducing abilities.

Experts believe that global tourism will reach a total market value of USD 11.38 trillion by 2025. However, this number can be achieved much sooner with the help of blockchain technology that can optimize the industry and offer advanced interoperability.

Blockchain can eliminate the intermediaries from any sector, including tourism. Bali Social Integrated is an excellent practical example as it has eliminated the intermediaries by allowing the travelers to directly interact with the service providers such as hotels, restaurants, car rentals, etc.

By eliminating the intermediaries, Bali Social Integrated reduces the overall costs significantly and helps all the involved parties a more rewarding experience. Also, blockchain helps integrate cryptocurrencies in the mix to help reduce the cross-nation fiat conversion fees.

BSI Token — The key to a great experience

Bali Social Integrated has its native payment token called BSI that can be used as a payment method at its vast network of affiliated stores. Users can convert their fiat currencies into BSI tokens on the platform and store them in the Bali Social Integrated business line called Viaje. The money kept in Viaje can be used at all the affiliate stores for several purposes such as booking tickets, renting vehicles, refueling, grocery stores, etc.

If the price of the BSI token fluctuates, the money stored in the Viaje app will not be affected. Also, users can convert the unused money in Viaje app back to BSI tokens and become eligible for profits.

The BSI token reduces the operation costs significantly as there are zero transaction fees when using BSI tokens for accessing services. If the users prefer to use fiat currency for availing services, they might have to pay a 0.5% to 1% conversion fee, which is still significantly less than intermediaries’ fees of 20%.

Here are few inherent advantages of the BSI token in the tourism industry,

• $BSI enables greater payment security and traceability using blockchain technology as all transactional data is stored online and protected using smart contracts.
• Faster payments because there are no intermediaries involved, which in turn streamlines the entire process.
• Lower distribution cost for OTA’s as global travelers can interact with service providers directly.
• Decentralized distribution of funds and a lower transaction fee for both BSI tokens and fiat currencies.
• Better data security as all the data is secured on the blockchain, which is immutable.
• Initiation of universal reward program using $BSI to give holders additional benefits.
• Secure and efficient reservation process not influenced by any third party.

About Bali Social Integrated

Bali Social Integrated is a truly unique and revolutionary platform that optimizes the tourism industry with the help of blockchain technology. While tourism and blockchain have been amalgamated in the past as well, there hasn’t been any promising project until Bali Social Integrated. It is a disruptive platform that is giving the tourism industry a much-required makeover. For more information about Bali Social Integrated, visit https://bsin.io/.

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