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Blockchain in hospitality 

Decentralised Asset Management


Key Issue

End-users are seeking an increasing number of innovative asset management systems

The increasing interest in the collaborative or sharing and service economies can be enabled through blockchain. Through its transactional capabilities, it is able to help co-ordinate loosely coupled assets, companies and individuals in order to achieve collective goals. It can help to dramatically reduce transaction costs associated with sharing and ‘as a service’ models of operations. It allows for radically new forms of ownership to emerge and form within our economic system.
 
Blockchain can play a fundamental role in the reconfiguring of how many utility services are provided – for example, it can redefine how communication network services are constructed and delivered through changing how both spectrum and physical infrastructure are delivered, managed and paid for. Within energy and water systems, it can be used to create peer-to-peer energy markets with greater flexibility for end-users and infrastructure owners.
 
A key challenge in this space is how to measure GDP in a system with a large number of decentralised assets. Through capturing a record of the transactions, blockchain can assist with data collection for measuring the digital economy.
 
An increasingly digitalized world, however, has meant that the number and type of cyber attacks across the world is growing. In addition, data breaches are becoming more common as the reduced costs of processing and storage worldwide mean more data is being stored for longer periods of time. Additionally, as sensors become more embedded in our day-to-day lives, the scale and types of possible security attacks increase.
 
A clear understanding of the privacy regulation policies associated with blockchains and similar digital technologies is required to address this need. In addition, a key challenge is to ensure the privacy of end-users and the end-to-end security of the solutions implemented on blockchains.
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