QTIC - Cryptocurrency Team... · Example –Bitcoin and tourism industry In tourism industry 1 2 1...
Transcript of QTIC - Cryptocurrency Team... · Example –Bitcoin and tourism industry In tourism industry 1 2 1...
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QTIC - Cryptocurrency Team
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Content01 The basics of cryptocurrency
02 Cryptocurrency & Tourism
03 Blockchain
04 Project deliverables
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The basics of cryptocurrency
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What is cryptocurrency?
Key terms to remember:
• Decentralised system: not controlled by trusted third party like a bank
• Peer-to-peer system
• Cryptography: mathematical and computer science algorithms
• Blockchain: underlying technology of cryptocurrency
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The cryptocurrency market
In 2013: 1 Bitcoin = AUD$ 15.32In 2018: 1 Bitcoin = AUD$ 12,845
Figure 1. Value of different types of cryptocurrencies
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Where does the idea come from?
20091990s 2008
Initial idea: the movement “cypherpunk”
2007The initial idea
came back due to Global Financial
Crisis
Several authors wrote about
cryptocurrency
The first cryptocurrency “Bitcoin” was
created
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Differences between fiat currency and cryptocurrency
Fiat currency Cryptocurrency
Put into circulation by the government Produced by computers
Unlimited supply as the government can produce more if necessary
Limited supply which means cryptocurrency will reach a maximum number
Form of a paper or coin Digital form
Centralized system: law and banks control it Decentralized system: not controlled by institutions such as government or bank
The market determines its value
Figure 2. Differences between fiat currency and cryptocurrency
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Features of cryptocurrency
Irreversible
Pseudonymous Fast and global
Secure
3
1
54
2
Permissionless
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Global context of cryptocurrency
Evolution of payment system
Development of Internet with e-commerce & m-commerce
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Evolution of cryptocurrency market
Notice: The market capitalisationhas increased 3 times since 2016!
Figure 3. The market capitalisation of cryptocurrency
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Cryptocurrency &
Tourism
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Supplier perspective: benefits of using cryptocurrency
GlobalPhysical location is not
taken into account
Fast Low fee Secure
The transaction of cryptocurrency is
much faster than fiat currency
Low charge fee The transaction is encrypted
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Example – Bitcoin and tourism industry
In tourism industry
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Shopify
Accepts digital currency allowing its consumers to pay with different kinds of cryptocurrency.
Paypal
Accepts Bitcoin by using different payment processors like Coinbase, GoCoin etc.
Japan – H.I.S
38 stores of this company takes Bitcoin payments and in the future, more stores will be added to the list.
Brisbane
Brisbane airport has recently accepted cryptocurrency payments in its retail outlets.
In various industries
Adoptions of Bitcoin
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Adoption of cryptocurrency in Queensland Tourism
Only 3 places are using digital currency.
Gold Coast
• Early adopter of bitcoin and other cryptocurrency in
Queensland.
• 53 places: cryptocurrency payments are accepted
• 36 of these places are tourism-related.
Brisbane
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Positive trend for Queensland tourism business for accepting cryptocurrency
Increase of international visitors in Queensland 12 International travelers spend more than domestic visitors
Figure 5. Growth of international tourists in QueenslandFigure 4. Spendings per visitors in Queensland 2017
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Use of cryptocurrency in Brisbane
Source from: https://www.youtube.com/watch?v=HLpRWj-Blzs
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Implications of cryptocurrency on the tourism industry
Supplier perspective
• Charge for transaction is very low
• Strong security
• The receipt of payment is fast
• Value fluctuates largely
• New and hard concept to understand
• Increase of overseas tourists
• Favourable regulations for cryptocurrency
• Consumers don’t see cryptocurrency as a daily
payment method
• Unstable politic and economic situation about cryptocurrency
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Blockchain
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Blockchain technology
Blockchain is a distributed database composed of multiple computers (or nodes) to record transactions that are not controlled by a central point of authority.
What is Blockchain?
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Blockchain on the tourism industry
Blockchain could considerably make
travelers’ journey easier and faster.
For instance, a traveler would only need to use his fingerprint to pass every airport security.
Example 1: Simplify identification - facilitates the identification of travelers
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Blockchain on the tourism industry
Example 2: Baggage tracking
Blockchain: to record a traveler’s detail and its luggage. The bag ID and the owner ID would be registered on blockchain.
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Blockchain on the hospitality industry
Example : Food tracking
Better quality control
Better food safety
Enhancement of the relationshipwith customers
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Project deliverables
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Project deliverables
Cryptocurrency and Tourismhave an interrelated relationship
Crypto directly benefits the tourism industry: convenient, safe, no bank fee
The number of international travelers in Queensland increases
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Project deliverables
One page fact sheet
What is cryptocurrency?
How it works?
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Project deliverables
Handbook
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