Prospects and Challenges of Blockchain Technology in the Travel and Tourism Industry: An Empirical Study in Bangladesh
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Abstract
This study is an attempt to discuss blockchain prospects and challenges for the travel and tourism sector of Bangladesh. In this research, the prospects include improved security and transparency, smoother payment processes, supply chain management, data sharing, and privacy. On the other side, legal and regulatory frameworks, scalability and performance challenges, interoperability, and standardization, trust, and adoption by industry stakeholders are challenges.The researchers conducted this research by applying mixed methods. Researchers collected 215 respondents' data and analyzed this data and got results of the reliability test(.893) based on using Cronbach’s Alpha Technique. The authors reviewed and analyzed various existing literature, such as research articles, journals, and books, highlighting blockchain in tourism. The findings suggest that although blockchain has transformative potential, the actualization of this potential in tourism would require serious policy formulation and greater awareness among stakeholders. This research helps tourism policymaking authorities to make proper decisions for future tourism in Bangladesh.