The token economy as a key driver for tourism: Entering the next phase of blockchain research

doi:10.1016/j.annals.2021.103177

Annals of Tourism Research

Volume 91, November 2021, 103177

https://doi.org/10.1016/j.annals.2021.103177 Get rights and content

Highlights

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Blockchain is gaining popularity in tourism research but is poorly defined.
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A token classification scheme is presented that describes blockchain applications.
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Three main questions are suggested that should be reported in every blockchain study.

Abstract

This is a research note in which I briefly outline the advantages of discussing tokens in tourism research rather than referring to the rather unspecific terms “cryptocurrencies” or “blockchain”.

Introduction

The emergence of blockchain technology has been labeled a “paradigm shift” for business practices in the tourism and hospitality industry and numerous untapped potentials have been identified. Among others, these include payment services, tracking and service customization, disintermediation of hospitality and tourism operations, loyalty programs, property management systems, rating and review systems, and smart tourism in general (Kizildag et al., 2020). Specific use cases refer to the management of hotel inventory, tracking and tracing of food supply chains, and managing reservations and ticketing (Treiblmaier, 2020). This non-exclusive list of blockchain-based applications in the tourism and hospitality industry gives a brief glimpse into what kind of transformational changes might be expected in the near future. According to scholars and industry experts, blockchain might not only fundamentally change and disrupt the operations of single companies, but rather impact the tourism and hospitality industry as a whole, including the ways in which companies collaborate in intricate value networks (Önder & Treiblmaier, 2018). However, blockchain is more than one single coherent technology and comes in many different forms (i.e., implementations) that substantially differ in their inner workings and functionality. Consequently, shifting the focus of attention away from the underlying technology and toward its intended uses allows for a better evaluation of the applicability of this versatile technology. In the remainder of this research note we briefly elaborate on the problems that arise from using the broad term blockchain, introduce tokens as specific blockchain-based applications that might clarify the user perspective, and suggest three straightforward questions that every blockchain or token-related paper in tourism research should answer.

Section snippets

Blockchain as an umbrella term

The basic functioning of blockchain and its impact on the tourism industry has been outlined in numerous other publications (e.g., Ampountolas & Ampountolas & Chiffer, 2021; Rashideh, 2020) and will not be reiterated in detail here. Furthermore, empirical studies have already been conducted that focus on specific blockchain use cases, such as the adoption of cryptocurrencies among travelers (Treiblmaier et al., 2020). In a nutshell, blockchain is a collective term for ledgers that allow for the

Token definition and classification

A token created by a blockchain-based ecosystem can be defined as a unit of value that represents an asset, specific use, or form of payment. Tokens are usually fast and easy to trade with low transaction costs. As can be seen in Table 1, tokens can be distinguished into the different classes of utility tokens, payment tokens, and investment tokens, depending on their respective use case. The roles that tokens play include the bestowing of a right to their owners, helping to exchange value,

Reporting token applications in tourism research

A clear description of a token application in a tourism or hospitality application helps to sharpen the focus and to understand its main characteristics and application scenarios. For example, in a comparison study of different decentralized applications (DApps), Ozdemir et al. (2020) included brief descriptions of the tokens that were used. We suggest taking this approach one step further by explicitly addressing three questions in every token study. Table 1 provides a general framework as a

Declaration of competing interest

None.

Horst Treiblmaier is a Professor in International Management at Modul University Vienna, Austria. He received a Ph.D. in Management Information Systems from WU Vienna and worked as a Visiting Professor at Purdue University, UCLA, and UBC. His research interests include the economic and business implications of blockchain and the evolution of the token economy. He teaches blockchain-related topics and is a frequent speaker at academic conferences.

References (11)

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Blockchain and tourism: Three research propositions
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Will blockchain shift online travel agencies toward growth or to an end?
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The token classification framework: A multi-dimensional tool for understanding and classifying crypto tokens
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Blockchain: A paradigm shift in business practices
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Tokenomics—A business guide to token usage, utility and value
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There are more references available in the full text version of this article.

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Research NoteThe token economy as a key driver for tourism: Entering the next phase of blockchain research

Highlights

Abstract

Introduction

Section snippets

Blockchain as an umbrella term

Token definition and classification

Reporting token applications in tourism research

Declaration of competing interest

Annals of Tourism Research

Will blockchain shift online travel agencies toward growth or to an end?

Tourism Economics

The token classification framework: A multi-dimensional tool for understanding and classifying crypto tokens

Blockchain: A paradigm shift in business practices

International Journal of Contemporary Hospitality Management

Tokenomics—A business guide to token usage, utility and value

Research Note
The token economy as a key driver for tourism: Entering the next phase of blockchain research