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The travel & tourism industry continues to be a hotbed of innovation, with activity driven by a greater desire from consumers for personalised offerings that heighten the traveller experience. Delivering this requires the collection and effective use of large amounts of personal data, which has significant cybersecurity implications. Technologies such as artificial intelligence, cybersecurity, Internet of Things, and cloud solutions are all growing in importance. In the last three years alone, there have been over 15,000 patents filed and granted in the travel & tourism industry, according to GlobalData’s report on Cybersecurity in Travel: Blockchain-based ticketing platforms.
According to GlobalData’s Technology Foresights, which uses over 21,000 patents to analyse innovation intensity for the travel & tourism industry, there are 20+ innovation areas that will shape the future of the industry.
Blockchain-based ticketing platforms is a key innovation area in cybersecurity
Blockchain-based ticketing systems provide several benefits, most notably where security is concerned. Tickets are securely stored and linked to the individual buyer and as they are in the blockchain, any subsequent transactions involving the ticket(s) are also stored and logged on the database, significantly reducing the scope for fraudulent transactions and/or scalping of the tickets. The blockchain ensures there is an accurate log of any transactions linked to the ticket(s) in question.
GlobalData’s analysis also uncovers the companies at the forefront of each innovation area and assesses the potential reach and impact of their patenting activity across different applications and geographies. According to GlobalData, there are 20+ companies, spanning technology vendors, established travel & tourism companies, and up-and-coming start-ups engaged in the development and application of blockchain-based ticketing platforms.
Key players in blockchain-based ticketing platforms – a disruptive innovation in the travel & tourism industry
‘Application diversity’ measures the number of different applications identified for each relevant patent and broadly splits companies into either ‘niche’ or ‘diversified’ innovators.
‘Geographic reach’ refers to the number of different countries each relevant patent is registered in and reflects the breadth of geographic application intended, ranging from ‘global’ to ‘local’.
Temasek Holdings is one of the leading patent filers in blockchain. It is a major shareholder in Singapore Airlines and has filed for six blockchain patents, the most notable of which seeks to protect a method of facilitating concurrent blockchain transactions for a plurality of users in a transaction system having respective user blockchain accounts.
A notable characteristic of blockchain patent activity is that many of the companies filing for patents are not directly engaged in travel & tourism themselves, suggesting that tourism companies will use the services of specialist vendors. GlobalData patent data shows that the likes of Rokfin and YellowHeart are among the leading filers. The former has filed for patents related to the issuance and management of cryptographic tokens, while the latter has filed to protect technologies related to a distributed ledger to create an online ticketing platform for the buying and/or selling of authenticated live event tickets.
To further understand the key themes and technologies disrupting the travel & tourism industry, access GlobalData’s latest thematic research report on Cybersecurity in Travel and Tourism.
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