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Cryptocurrencies are becoming increasingly popular and it is expected that people’s interest in crypto will continue to grow. A cryptocurrency is a virtual currency and is a decentralized and an encrypted medium of exchange. (Forbes, n.d.). A cryptocurrency, unlike the US dollar or the Euro, is distributed across a large number of computers and therefore, has no central authority that controls its value. Because of their decentralized structure, they can exist independently of governments and central authorities. The topic is not only popular among investors, but reaches a broad audience in which even teenagers are starting to become really drawn to the crypto industry. The industry has faced some major highs, accompanied with some tremendous drops. However, it is still up to debate how to develop the most effective framework of laws and guidelines that will make cryptocurrency safer for investors and more resistant against cybercriminals (NextAdvisor, n.d.).

In general, there are three possibilities to tackle this question. First, policymakers could just simply ignore it and do nothing. It is plausible to assume that it is not really in policymakers and central banks their interest as, currently, cryptocurrencies are not really a threat to money. It is not reasonable that we will switch from the dollar or euro to a cryptocurrency, entirely. Second, we could just outlaw cryptocurrencies. However, this scenario would not make sense as authorities would only take this kind of action if they think that cryptocurrencies form a large threat for the entire economic system, which is not the case. Finally, the most logical and safe option would be regulation. As cryptocurrencies do not form a real threat, the only concern that authorities have for the moment is taxation. This is because of the fact that authorities can not find out how much money an individual has. It is expected that future regulations will focus on enhancing the transparency of cryptocurrencies so that it would be possible to track and tax money stored away by individuals (Gis, n.d.).

Forbes n.d. “What Is Cryptocurrency And How Does It Work?” Available at: https://www.forbes.com/advisor/in/investing/cryptocurrency/what-is-cryptocurrency-and-how-does-it-work/ Accessed on: 14 October, 2022.

Gis n.d. “The future of cryptocurrencies” Available at: https://www.gisreportsonline.com/r/cryptocurrency-future-scenarios/ Accessed on: 14 October, 2022.

NextAdvisor n.d. “The Future of Cryptocurrency: 8 Experts Share Predictions for the Second Half of 2022″ Available at: https://time.com/nextadvisor/investing/cryptocurrency/future-of-cryptocurrency/ Accessed on: 14 October, 2022

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Artificial intelligence (AI) has the ability to perform various tasks that previously required human cognitive function. Implementing AI can yield great benefits for businesses as it can save them time and money while at the same time it can significantly reduce human errors and increase efficiency and accuracy. The travel industry is an excellent example of an industry that could benefit significantly from AI, and a widespread adoption of AI in the travel industry has been observed in recent years. The way people travel has been greatly changed by AI, and it is anticipated that this will continue (Revfine, n.d.).

For the consumers, the use of AI in the travel industry accounts for improving personalisation, ensuring fast response times, improving their decision-making, helping them to find better and relevant information, enhancing their mobility and ultimately providing them with a seamless travel experience (Bulchand-Gidumal, 2020). In order to stay competitive and realise growth, airlines are continuously looking for new ways to innovate. Technology has profoundly influenced customers behaviour and increased their expectations.

AI chatbots provide assistance to customers online and they have the ability to respond quickly while at the same time provide valuable information to customers. This enhances the customers experience as these chatbots are able to provide customers with the necessary help in a time that would be impossible for humans to accomplish. Customers are demanding faster respond times and chatbots are a successful way to meet this demand. In addition, as these chatbots are more efficient and reduce operating costs, it results into higher profits for businesses. Another successful AI application in the travel industry is the one of automated baggage systems (Easternpeak, n.d.). Previously, this was a burdensome tasks that the staff had to do which took a lot of time. Automated baggage systems decreased the waiting time and made it possible to reallocate the staff to more productive and value-enhancing activities. AI can also be implemented to improve personalization. This enables businesses to provide customised services to their customers adjusted to their preferences (Analyticssteps, n.d.).

It is expected that the applications of AI will continue to evolve in the travel industry. Self-driving vehicles, the adoption of robots and facial recognition in stead of passports are all plausible possibilities that will be used in the future. The customers travel experience has dramatically changed and is expected to keep changing to unprecedented levels.

Analyticssteps, (2022). 7 Advantages of AI in the Travel Sector. Available at: https://www.analyticssteps.com/blogs/7-advantages-ai-travel-sector

Bulchand-Gidumal, J. (2020). Impact of artificial intelligence in travel, tourism, and hospitality. In Handbook of e-Tourism (pp. 1-20). Cham: Springer International Publishing.

Easternpeak, (2022). How AI is Transforming the Travel Industry. Available at: https://easternpeak.com/blog/ai-use-cases-in-travel-and-hospitality/

Revfine, (2020). How Artificial Intelligence is Changing the Travel Industry. Available at: https://www.revfine.com/artificial-intelligence-travel-industry/