4.4 How XWalk Changes the Tourism Industry

4.4.1 Addressing Credit Risks

The tourism industry is an information-based industry, including airlines and travel companies, each year facing billions of dollars in credit card fraud losses. In addition, travelers may have their personal information leaked for various reasons. By using XWalk's blockchain technology, a new credit mechanism can be constructed to break the traditional one-to-one information transmission mode, effectively reducing the problem of customer information leakage and solving related issues such as payment fraud.

4.4.2 Building Trust Mechanisms

In the field of cryptocurrencies, the core technological concept is smart contracts, which can complete contracts without the need for third-party intermediaries. In the tourism industry, the user experience is crucial to the development of the tourism industry. The traditional user experience largely depends on the trust between travelers and travel agencies in communication, sightseeing, accommodation arrangements, and other aspects. Based on blockchain's distributed ledger system, which effectively replaces centralized management, it builds a bridge for trust between tourists and the XWalk platform.

4.4.3 Improving Transaction Processes, Enhancing Efficiency

Accommodation remains a critical pain point in the tourism industry. Traditional hotel bookings often involve cumbersome procedures. While the internet has simplified this process, managing reputations and guest experiences remains a challenge. Guests often need to communicate with hotels via SMS to confirm details such as room availability.

XWalk leverages blockchain technology's immutability and network-wide transparency to ensure that credit records between guests and hotels can be accessed and reviewed at any time. This provides a safer, more transparent transaction environment and significantly reduces communication time. With traditional internet travel platforms, guests may have to wait up to 24 hours after check-in for hotels like the P2P hostel Airbnb.

However, XWalk accelerates hotel payments. This can be achieved in two ways: securely storing payment certificates or automatically triggering payments under smart contract conditions. Moreover, blockchain's immutable and traceable features ensure that relevant credentials can be accessed at any time, even if mediation is required. This enhances transaction efficiency, making accommodation bookings more convenient and efficient.

4.4.4 Transforming the Tourism Industry Ecosystem

The tourism industry functions as a shared economy, and XWalk effectively connects tourists for purchasing travel insurance, building trusted travel communities, and booking accommodations or transportation. XWalk employs backend technical support and solutions for these aspects.

The tourism industry comprises various facets like dining, accommodation, transportation, attractions, shopping, and entertainment, forming a comprehensive ecosystem. The prosperity of the tourism industry depends on strategic planning of tourist destinations. Leveraging blockchain technology, XWalk establishes a tokenized transaction settlement system for complete tourism zones, enhancing overall service efficiency and profitability. XWalk not only provides travelers with more convenient and efficient services but also drives digital transformation and innovation in the tourism industry. By offering a secure, transparent, and efficient trading and management platform, XWalk promotes sustainable development in tourism.