In recent years, the travel industry has been thriving and one could accredit it to millennial’s excessive desire to escape their redundant routines or their need to fill up their Instagram with aesthetic pictures; whatever it is, it has certainly worked out well for two industries in particular; the travel industry and the accommodation industry as well. Both these industries have been online for quite sometime now, which has made the whole travelling experience much more efficient and convenient. However, being online isn’t revolutionary anymore, where as being on blockchain is. With industry after industry jumping in on the blockchain, it was only a matter of time when the accommodation industry joined in as well.
A Europe based company is working on putting the accommodation industry on blockchain in an endeavor to create the first functional travel service that is based on the relatively new technology. LockTrip already offers an impressive variety of 100,000 hotels and more than 1,500 vacation rentals, to choose from all over the world. For those of you who are die-hard AirBnb fans, thinking there is no way that a “noob” platform can beat it, consider this. According to the team behind LockTrip, the platform offers everything with an average discount of almost 20 per cent, as compared to other booking sites.
So the reason they are 20 per cent or so cheaper than its already existing counterparts, is because of the fact that it offers accommodations with zero commission. Users can book their accommodations directly via LockTrip’s beta marketplace.
A Startup Where Blockchain & Credit Cards Meet
The team behind the platform was well aware of the newness of the blockchain tech and the hesitation of users that comes with that newness, hence they have developed a service model, which allows for an instant connection between the traditional credit cards and the company’s native token, LOC, which is an ERC-20 token.
The startup caters to the people who are awry of cryptos by allowing its users to make reservations via their credit cards, as they would on any regular travel site, and the exchange for crypto will be executed automatically through an API connectivity with exchanges where the LOC token is traded.
Travel booking Powered by Smart Contracts
The way the bookings work on the platform is that each booking is locked into a smart contract until the time of check out. This way the customers are at a lesser risk of not getting the services that they already paid for, as in the case of traditional reservations.
In addition to launching its mobile apps for both Android and iOS, LockTrip is further working on developing its very own hybrid Proof-of-Stake (PoS) blockchain, for which, an operational testnet has already been deployed by the team. The team has high hopes for their blockchain, as it reportedly will personify the best of Bitcoin and Ethereum.
LockTrip continues developing its marketplace by seeking out and forming connections with partners that can deliver competitive prices for accommodations. As of now, the startup is working on increasing the size of its marketplace by four times and plans to extend its list with and addition of 300,000 hotels and 900 airlines to its marketplace by end of this month.
You can read the whitepaper here.