Safe, timely payments, which prevent fraud and limit the risk of currency fluctuations, are important for many global industries. With billions of dollars being exchanged by market participants, the MICE industry may be second only to the finance industry in this regard. Would there be a benefit to a ubiquitous enterprise platform that verifies and validates all payors and recipients, eliminating the risk of wire fraud, delayed payments and currency exposure?
Smart contracts essentially use technology to bypass costly middlemen. Once terms of the contract are fulfilled, there is no need for lawyers, accountants or other intermediaries to be involved. This new technology is anticipated to save many industries time, inefficiency and the cost of involving too many cooks in the kitchen. Could we see smart contracts being a central part of the MICE industry with single contracts including the client, hotelier, DMC, AV, F&B and other vendors instead of a separate contract for each supplier?
The efficiency, simplicity and consistency created by a ubiquitous software platform would greatly lower the cost of MICE programs that will benefit the industry as a whole. Let’s look forward to seeing what the future holds.