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Thomas Cook


The sad news of the demise of the UK's oldest travel operator did not come as a surprise, except for those unfortunate souls either out of the country or worse, about to depart. Already social media is awash with cries of "I bet they blame BREXIT" and I think they probably will - "they" being the remainers. However, mis-management is at the route of this collapse; Sky News carried a half decent report on why they believe this to be true and offered a number of examples.

Does this mean - like in retail - the era of package holidays is coming to an end? In the short term I would say no. ABTA cover will get the 150,000 back and everyone will be reimbursed, eventually. ABTA cover is of great value and not available if we make travel and holiday plans independently. I know of a number of folk who are awaiting details of what European travel will look like on 1 November before making any arrangements for the end of this year and into 2020.

Most of us would accept that the internet has killed retail; I like to wander around shopping malls occasionally but only rarely buy anything. The number of shop closures is testament to this being a general reality now.

For those yet to learn about Blockchain Technology maybe today is a good time to start.

Why?

Because blockchain will remove the "middle man". The sales conduit, sat in the middle, selling goods and services for a supplier. The middle man/women is everywhere, if you think about it. They say they are there to get us the best deal but how do we know that to be absolutely true? If the middle person is being paid to sell a particular product or service, then surely the advice or guidance is tainted?

This is, of course, the way it has always been. Whether it is in financial services or retail, leisure or the automotive industry - think about it. Unless we pay the service or product supplier directly, we are paying for the marketing and sale of said product or service. We buy or invest in a financial product, how much of our money goes in charges, fees, contribution to the regulator, PI insurance and so on. We buy a new car, even with interest free credit - knowing that the second we drive off it loses 25% or more - how much of what we pay is actually for the car? Why do most main dealers pay their sales teams commission only?

Blockchain technology is already "disrupting" many industries and a growing number of professions. One of the most obvious examples is money. Most have heard something of bitcoin. This was the first digital or "crypto" currency, there are now over 2,000. The world was confidently going about its business until June of this year, when suddenly, Facebook revealed its plans to launch its own digital currency. The reaction amongst governments and bankers [the centralised system] has been akin to panic! For the first time they are coming to the realisation that banks may very well lose their monopoly and that very real low cost and available to ALL, financial products will soon be available.

There have been numerous stories about the financial benefits of paying with crypto based payment solutions v credit cards. A growing number of the world's population run their financial affairs from their smart phones, making money [the way the banks use our fiat money] and then spending it using one of a myriad of spending solutions offered by the likes of Visa and MasterCard.

We are becoming a cashless society. How often do you use an ATM - assuming you can find one and that it will not charge you.

This is blockchain technology in action. And this is just the start.

Blockchain offers a variety of travel opportunities; from cut price air fares to heavily discounted hotel rooms - but without the commissions paid to Hotels.com and Booking.com etc etc.

EIFF will operate in the same way; the only way EIFF will receive payment is from its client. No third party. If there are third party payments, these will be returned to its client.

Using blockchain technology EIFF will offer its clients the option of paying in cryptocurrency. The learning of the subject will be automatic for its new clients.

No third parties, no conflicts of interest. The journey starts and ends with you.

#EIFF #cryptoaccounting #blockchain


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