Reading Time: 5 minutes
‘Be our guest, be our guest, put our service to the test’. Yes we are all too familiar with the trojan work required to run any service business and Covid-19 has only enriched our appreciation of the service industry. So how can we ensure that the hotel service of the future is valuable for both the hoteliers and the end users? EOS blockchain technology is built to support safe and predictable digital solutions for the service industry.
What is EOS Blockchain?
EOS is a decentralised operating system that supports large scale decentralised applications. Businesses and developers are using EOSIO for End-to-end authentication and to create secure, transparent business infrastructure. EOS and the Block.one technology that they work with strive to work closely with communities in areas that will truly benefit from using the technology. With EOS any industry can develop an APP or series of DAPPs (decentralised application) that will support data management, user management and communication across all areas of that industry. One critical example of such use is in the hotel management space.
Modihost is a decentralised AI powered hotel management platform that aims to tackle some of the most significant problems facing hoteliers today using EOS blockchain technology. Modihost is harnessing the power of AI and blockchain technology to offer the guest the ultimate hotel experience. From seamless payments to management of hotel operations, Modihost is creating exceptional personalised hotel experiences.
One of the central benefits of working with EOS is that they allow businesses to create blockchain based applications in a similar way to web-based applications, essentially working in a similar way to Google’s play store.
LEARN MORE ABOUT EOS BLOCKCHAIN TECHNOLOGY HERE
The challenges that hoteliers face in the new digital Era
For hoteliers today there is pressure to personalise every step of the guest journey from check in to check out. The expectations of hotel guests always have to be met or exceeded. This level of service is difficult to maintain, monitor and manage. How can we expect hotels to retain superlative standards of service while also juggling competition in the market, staff training, building maintenance and hotel resources? Blockchain technology should be utilised to transform payment systems, streamline bookings and payment processes and build holistic loyalty programmes with clever use of data intelligence.
Another issue that hoteliers are faced with is an over-reliance on archaic, complex IT systems that cost a small fortune. These systems are storing vast amounts of data that either isn’t being used effectively or has been in hibernation for many years. In addition the operational system in different areas of the hotel may not communicate with each other. For example, the hotel accommodation bookings may not be integrated with the restaurant or gym bookings. With this in mind, the smaller, independent hotels may be more agile with respect to technology updates. Overall, it is important to note that the existing software packages are oftentimes the backbone of all hotel functionality and therefore a crucial component when researching any new technology for consideration.
ModiHost is using EOS blockchain technology as a central part of their ecosystem to create a transparent, highly efficient hotel management system.
“We are paving the way for hotels to accumulate tokens through Modihost which allows them to become investors. It is a win-win for all stakeholders when hoteliers and guests can both benefit from using Modihost which is built on the EOS blockchain” Modihost
Another issue for long term hoteliers will be adoption. Reinventing hotel management is complex with many players involved and will not happen overnight. We cannot expect all hoteliers to run out and start adopting decentralised technology like Blockchain. There is a need for further education on the benefits, the implementation and opportunities associated with hotel management systems.
“As digital technologies continue to evolve through COVID-19, they bring fundamental transformation affecting and disrupting how organisations, people and society engage with the hotel industry. I believe a suitable educational research agenda supported by industry professionals will be paramount in the application of BCT in hospitality, especially considering the industry is not always at the forefront of technological innovation”. Dr Emma Reardon, University of Surrey.
In addition, a number of the big players in the digital hotel industry benefit from having a flawed distribution system to generate revenue. Metasearch platforms like Booking.com and Tripadvisor have massive brands but they also operate based on the fact that many hotels and accommodation providers overall don’t have easily managed pricing and oversight over their booking capabilities. With blockchain technology these processes are simplified as everything is stored on a shared ledger, the cost of this intermediary is taken away, leaving the hotelier with more control over these costly outputs.
The solutions blockchain technology offers hoteliers
We are only at the cusp of the wave of applications we will encounter for blockchain technology in the hospitality industry and hotels will offer a fertile testing ground for many ways to address the problems faced by the industry overall. Amadeus, one of the larger technology led platforms that support innovation for the travel industry has identified blockchain as one of the key disruptors in the industry. They are investing in tailored innovation programmes that will assess opportunities for using emerging technologies. There is a desire to improve hotel operations but these changes will take time and it will be critical to offer solutions at each stage of the operator and user journey.
“As a former hotel practitioner and now academic, I can see merit in the application of blockchain technology (BCT) in hospitality operations management. I believe BCT has the potential to aid the hospitality industry in achieving strategic alignment between an organisation’s operating and non-operating departments that ultimately best serve the guest”. Dr.Emma Reardon, Lecturer at the University of Surrey.
Vendor Management
Background data, security checks, supply chain, order fulfillments – The vendor may not want to disclose information about their product sources. From cleaning companies to food supplies, hotels have to deal with and manage a number of vendors at the same time. This juggling in a fast paced industry can be overwhelming. EOS blockchain can help to alleviate the pressure on hotel operations departments by managing a trusted system of vendor records across multiple departments. Additionally these records are stored securely using encrypted verification methods.
Inventory Management
Following on nicely from vendors is the management of hotel room inventory. Inventory management involves a careful balance between creating the optimum guest experience and maximising returns on investment in each room. Pricing strategies, accurate forecasting, distribution management and data led analysis play key parts in understanding inventory management for hoteliers. Blockchain technology can help to monitor and reconfigure room types efficiently. It can also allow hoteliers to better understand the purchase process by predicting sales patterns and boosting direct room bookings, thereby controlling more data regarding customer acquisition and decision making.
Data Collection
Optimising revenue streams and simplifying the payment processes with less complicated systems for managing data inputs and analysis. Transactions are made easier with simplified processes for managing all data usage. It also offers a level of security when collecting, analysing and using data that is currently available to hoteliers. To make the most of the data we collect we need to be transparent and ensure that all parties are aware of their obligations when it comes to the information that they provide to the operator that they are dealing with.
Loyalty programmes
In many ways the tourism industry is ahead when it comes to personalising experiences for its customers with tailored packages, room types to suit individuals and creative marketing campaigns targeted at niche groups of customers. However with more and more use of smart technology it is now possible to use identification as a way of creating bespoke service requirements for guests based on their interactions. This could involve creative access only areas for certain guests, hotel tokens for extra services and VIP personalised services that can be communicated seamlessly to the guests.
The Potential of Blockchain to disrupt the hotel Industry
PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.
