Blockchain Technology Entering the 3.0 Era
In the post-pandemic era, the global digitization process is accelerating rapidly. The widespread adoption of mobile communication, internet technology, and various digital applications worldwide is also on the rise. The pandemic has propelled the growth of the internet economy and revealed the value of the digital economy.
The origin of the term “digital economy” cannot be definitively traced, but it is undeniable that the emergence of blockchain technology, with Bitcoin’s underlying logic, has elevated this term to a pivotal position in the economic development process.
As a significant component of the digital economy, blockchain technology is currently deeply influenced by the global digital development process, and it is beginning to demonstrate vast prospects for development and practical applications.
There is no doubt that the global blockchain technology has officially entered the 3.0 era. According to incomplete statistics, the total number of global blockchain patent applications has reached approximately 55,000 to date. Notably, China leads in the number of patent applications in this field, with approximately 33,000 blockchain patent applications, accounting for approximately 63.2% of the global total. This represents a tremendous market opportunity!
From a technological distribution perspective, the middle layer of the industrial chain, which includes blockchain technology expansion layers, has the highest number of patent layouts, accounting for about 62%, especially in the explosive growth of distributed technology patents.
It can be foreseen that in the near future, industrial blockchain and industrial internet will merge and develop in various industrial blockchain domains, including identification resolution, collaborative manufacturing, supply chain finance, edge cloud collaboration, and industry innovation applications.
This also implies that blockchain technology applications will no longer be limited to the financial sector but will begin to spread to all industries with economic value, leading a profound digital transformation of assets.
In this transformation, whether it’s token economy development, central bank digital currencies, traditional financial reforms, or industrial blockchain technology, all of these will become indispensable infrastructure in the process of digitalizing assets.
Due to the characteristics of blockchain technology in digital value transfer, blockchain technology transformation has become the only path for digital economy development, and therefore, only blockchain technology can build a true digital economy era.
Exploring the Possibilities of the Digital Economy + Travel
With the accelerated industrialization of blockchain technology, the term “digital economy” is no longer exclusive to the financial sector. As the industrial blockchain era advances, asset digitization becomes the norm, and all industries and sectors with strong economic effects will inevitably embark on the path of asset digitization.
In fact, many economic industries have already begun the journey of asset digitization, with concepts like GameFi, SocialFi, and NFTFi emerging in the market with high expectations.
Now, while most people are still focused on highly competitive markets such as gaming and social, a concept called TravelFi has quietly emerged.
The concept of TravelFi was first proposed by the blockchain travel platform Go Mars, deployed on the Binance Smart Chain. Its core idea is to achieve the full-chain digitization of the tourism industry’s assets and establish a strong connection between the travel economy and blockchain technology.
We all know that the core of GameFi is “play to earn,” meaning earning money through gaming. So, what is the core concept of TravelFi?
According to the Go Mars platform’s vision, TravelFi is not just about making money through simple actions like GameFi. Instead, it aims to decentralize and digitize both tangible and intangible assets throughout the entire travel economy and recreate this massive economic ecosystem on the blockchain. This concept appears to be much more complex than GameFi and SocialFi.
Unlike popular concepts like blockchain games, the economic elements in the tourism industry have strong inclusivity and unique value. The core logic of TravelFi is to digitize these economic elements.
The Future of TravelFi
So, what elements need to be digitized during the operation of TravelFi?
- Tourism Resources: The richer the tourism resources in an area, the more attractive it becomes, drawing more visitors. These economic elements can include natural landscapes, cultural heritage, cuisine, entertainment activities, and more. These are not only tourism resources but also intangible industry assets.
- Tourism Infrastructure: When an area’s infrastructure, such as transportation, accommodation, dining, and communication facilities, is well-developed, it can better serve tourists, enhance the convenience and comfort of travel, and further promote the growth of the tourism industry.
- The Tourism Industry Supply Chain: The tourism industry consists of a complex supply chain, including transportation, accommodation, dining, attractions, retail, and more. Each segment contributes differently to the economy, with varying levels of economic value within the entire ecosystem.
- Tourism Expenditure: Tourists’ spending during their travels includes transportation costs, accommodation fees, entrance fees, dining expenses, shopping expenses, and more. These spending behaviors contribute economic value to the online tourism ecosystem.
- Employment Effects of Tourism: The development of the tourism industry also creates employment opportunities, from direct employment like tour guides, service staff, and management personnel to indirect employment like suppliers and transportation providers. Can these jobs in the tourism industry become special roles in the online ecosystem?
According to external information from Go Mars, TravelFi has a more rigorous and logical operational process than any other blockchain industry economy. In the TravelFi concept, all seemingly unquantifiable assets of the tourism industry can be digitized and put on the blockchain, achieving full-chain asset digitization in the travel process!
There is no doubt that TravelFi represents a bold innovation. This highly creative concept not only achieves the digitalization of the travel economy but also offers the possibility of “earning while traveling” for users.
When these asset elements are mapped to the blockchain as digital assets, users will be able to create value and receive incentives through any actions during their travels. This is a great innovation and a significant reform that has the potential to drive substantial growth in the global travel economy.
Currently, the TravelFi concept is still in its infancy, with only the blockchain travel platform Go Mars fully developing the concept. Based on the vast market of the global travel industry and blockchain integration, TravelFi is expected to generate economic effects that no one can anticipate once it is officially launched in the market. It may even attract a large influx of travel funds into the blockchain industry, much like the DeFi boom in 2021. Go Mars, the platform introducing this concept to the market, is likely to become the first success story in the TravelFi market.