Onyx Arches: Transforming The Travel and Hospitality Industry

Leveraging Blockchain Technology, Onyx Arches aims to address long-standing payment and transparency issues in the $2 trillion travel market.

London, United Kingdom, 27th Jun 2024 - Onyx Arches eyes the opportunity to implement blockchain into the travel industry, which could revolutionize the sector. Post-pandemic, the travel industry saw a surge, rebounding slowly with the global market now valued at over $2 trillion. As people move between places, fiat remains the primary mode of transaction, causing difficulties that travelers are fed up with. Payment issues stand out as a major problem, creating a high demand for a secure, robust payment system.

As people have found affairs far from home this gave rise to travel industry that dates back to prehistoric times. The travel industry has been playing a crucial role in transporting people from one place to another. The rise of tech companies addressing travel-related issues has significantly eased the process. However, concerns about data security and privacy are driving the new generation toward decentralization, which offers transparency and fair treatment for its participants. Some travel companies have already started using cryptocurrency for transactions, highlighting the need for dedicated projects to address payment issues within the industry.

Onyx Arches aims to become a dedicated travel booking platform that simplifies cross-border payments and streamlines the travel booking and management process by integrating blockchain technology. There is a huge demand for a system that benefits every party involved with fair and transparent transactions. The travel industry has long awaited a solution that provides a fair share for all participants. Blockchain has opened up new technological possibilities, and its adoption is steadily increasing. While some may debate whether Web3 is the next Internet, the rapid influx of new projects has led to skepticism within the industry. The failure rate of these projects is high, making it challenging for any new initiative to sustain itself in this highly competitive market. However, Onyx Arches is poised to meet this challenge by leveraging blockchain to offer a secure, efficient, and transparent platform for the travel industry.

Despite the challenges and questions, Onyx Arches has successfully built a supportive community that is optimistic about the project's potential. One anonymous Telegram user shared, "I know there are tons of projects out there, but for me, utility matters the most. The travel industry is set to grow in the coming years and an upgrade is needed. Ask any tourist—they know the real pain. So, I’m bullish and this is my bet for the upcoming bull run because I’m all in."

A strong community is what every project team aspires to build, but betting on new projects can be risky due to the slim success rate in the market. However, for now, it seems the community is backing the team. We will have to see for ourselves if the project gets adopted by a broader audience.

In a recent interview with Cryptews, the CEO said, "I know it’s a highly competitive market with thousands of new tokens out there, each promising something big. We’re not aiming for grand promises, but the impact of Onyx Arches is tremendous. Anyone who’s ever traveled to another country, their primary concern is often how to get local currency and whether your card will work. Our aim is to connect the global travel industry through blockchain, much like the internet revolutionized it. We believe blockchain or Web3 is inevitable in the travel industry—the only question is when. We continue to build and prepare for the market’s demand for blockchain solutions, advocating for and testing onboarding with different travel agencies around the world." 

Further, he highlighted the issues within the existing travel industry: "High payment processing fees, settlement delays impacting cash flow, limited payment options for customers, lack of transparency, vulnerability to financial fraud, complex and cumbersome reconciliation processes, and difficulty in managing international currency conversions. If you look closely, you'll see that there are only problems. Our product has a huge chance to become the go-to solution."

Promises are big, yet nobody can deny that the travel industry needs restructuring. Can blockchain and Web3 become the next upgrade and revolution the industry has been waiting for, or is this just hype with no real-world implications? Both sides have strong points and arguments. From an investor's perspective, if a meme coin can achieve great success, why not this project? Many share this sentiment, but looking at the trend, only a few projects survive the market. As it evolves, we'll see many crazy ideas emerge.

The travel industry is in need of a significant change. Onyx Arches is presenting itself as a game-changer, aiming to use blockchain to solve persistent issues like high payment processing fees, settlement delays, and lack of transparency. While there is skepticism about the real-world impact of blockchain and Web3, the strong community backing and the clear need for a solution in the travel sector are promising. Whether this will lead to the revolution the industry has been waiting for or just another passing trend remains to be seen. As the market evolves, the true test will be in Onyx Arches' ability to deliver and gain adoption.

Media Contact

Organization: Onyx Arches

Contact Person: Amjad'ur Rahman

Website: https://onyxarches.com/

Email: Send Email

City: London

Country:United Kingdom

Release id:13612