Abstract
The relation between blockchain tokens and the underlying networks as a determinant of success of use cases in the blockchain space is an insufficiently explored issue in the literature. In a first part, we examine the token/network relation strength of various DLT tourism projects. We find that non-monetary and non-financial use cases perform better than cryptocurrencies, and online coverage is a poor predictor of success. Secondly, we provide preliminary empirical support to blockchain for tourism in the Republic of Moldova, a country, which is interesting insofar as it features nascent medical tourism and blockchain industries with great potential. Thirdly, we further our analysis, and investigate the intersection between medical tourism and blockchain technology. We provide evidence that untapped socio-economic potential exists in these sectors.
Highlights
Tourism is undergoing a wide-ranging process of transformation set in motion by digitalisation [1]
We review token-based versus non-token-based growth drivers in the tourism industry and define a project’s token/network relation strength
We look at a failed initial coin offering (ICO) in the loyalty industry that bears resemblance to complementary currency systems
Summary
Tourism is undergoing a wide-ranging process of transformation set in motion by digitalisation [1]. In light of these disappointing results, we claim that against the odds, the most fruitful DLT use cases in the tourism sector lie outside the financial and monetary sphere, and display week or medium relation strength. Ripple Inc. announced an upgrade of RippleNet, and the launch of ‘Easy App’, a QR code-based application enabling tourists in Thailand to pay for goods and tourism services without needing to change currencies beforehand [26] It uses a native cryptocurrency called XRP, RippleNet is best seen as a challenger of the SWIFT network, relying on established banking institutions and fiat currencies to sustain its cross-border operations (r = 0.5). DLT implementation is the by-product of a proactive mindset; (s)he mentioned the small size of the market, and lack of knowledge about the technology and its advantages
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