Evaluation of Blockchain Technology in the Context of Tourism Sector within the Framework of Diffusion of Innovation Theory: Challenges and Opportunities

Abstract

Blockchain technology is one of the technologies emphasized both academically and practically due to the possibility of application integration in different fields. The tourism sector has an interest in blockchain technology due to its early and rapid adoption of technology. Today, blockchain technology is mainly used in finance. However, it is also preferred in tourism due to the opportunities it provides in data management, payment systems, identity management and loyalty programs. In this study, a literature review was first conducted to examine the use of blockchain technology in the tourism sector. Then, the first pioneer companies that emerged in the field of tourism were classified. The relationship between blockchain and tourism is evaluated within the scope of institutional analysis. Then, an analysis was carried out within the framework of the diffusion of innovation theory. As a result, it has been determined that blockchain technology is still developing. However, the promising and growing number of the first sectoral solutions increases the likelihood of acceptance. There is a lack of knowledge about blockchain among industry players and consumers. Integration of blockchain technology with tourism applications is ongoing, but no generally accepted standard has emerged. It has been determined that there are deficiencies regarding local and global legal regulations.