From microchips implanted under the skin to Bitcoin: payments of the future

According to experts, cryptocurrencies could be the best coins to travel, as it would be possible to take an electronic wallet (in your smartphone) with you and view real-time history and transactions.

Smart contracts and tokenization can offer great news in the tourism sector, including hotels and restaurants, thanks to apps that are able to manage the conversion of points into vouchers, or to distribute travel packages directly via blockchain. According to some, these would be just niche services for the moment, but if you really want an easy-to-use and universal currency, Bitcoin and Libra may be the most solid answers.

The ingredients that favor this change

One of the ingredients that could favor this digital breakthrough is undoubtedly 5G. This is because the new network would allow excellent connectivity, even indoors, without the possibility of loss of connection. This combines perfectly with WiFi networks and has a bandwidth that allows you to run virtual reality applications without problems.

Furthermore, AI and blockchain could change the operating models of accommodation and restaurants. But in what way? Attention to the customer has increased today and this is an excellent starting point for developing new strategies. This could convince the hospitality sector, for example, to abandon now standard booking systems, to go directly to payments in cryptocurrencies.

Already there is no shortage of modern examples, such as Trips Community, which aggregates travel by directly managing reservations on blockchain. Then there are also Trivium Travel and Locktrip, with which you can book hotels and air flights with Bitcoin or other virtual currencies such as ETH.

What is Bitcoin Valley

Nicola Vaccari, co-founder of InBitcoin and president of Bmanity, is the one who started the #bitcoinvalley project in 2016. A real laboratory open to all, where you can experiment with new forms of use of digital money, replacing standard payment methods.

He was asked during a recent interview, if he thought that Bitcoins could land in the hospitality sector, and his answer was quite unequivocal: Yes. This is because it would rely on an infrastructure such as blockchain, which offers maximum security.

His project first led to the development of a network for payment in bars and pizzerias with digital coins, then to make available to them an app to buy cryptocurrencies and then a POS to issue an invoice based on Android.

The first transaction of this type was recorded in June 2018. It is only the beginning, but if the good day starts in the morning (merchants do not pay commissions, unlike what happens today with traditional Pos).

In addition, it should be remembered that thanks to smart contract technology, it will be possible to offer customers travel insurance policies (with automatic reimbursement), in case of flight cancellation, for example, due to weather conditions. In short, the uses could be truly multiple and ultra-innovative for our society.