The current travel and tourism industry generates a staggering $500+ billion a year, but due to the current, heavily centralized ecosystem, between 10% and 25% of these gigantic profits end up in the hands of the market’s middlemen.
LockTrip is on a mission to provide a decentralized solution to this problem, bringing the value back to the end-customers by allowing them to travel in a cheaper way.
By harnessing blockchain technology, the company eliminates all middlemen, thereby significantly reducing the prices of hotels and rented accommodation. LockTrip’s platform charges zero commission to the accommodation and property rental sector.
After a successful crowdsale, which gathered 10,500 ETH, the value of the LOC token is bound to increase and turn into a catalyst for a sea change in the current industry. A testament to that is LockTrip’s recent signing of a strategic partnership with around 100,000 hotels on a global scale, including some of the most respectable world brands.
How Does It Work?
The current ecosystem, dominated by online travel agents, takes a juicy 10-25% of every hotel or accommodation deal that happens in the internet space. LockTrip’s goal, according to its white paper, is “to deliver on its promise of providing accommodation deals, and travel and tourism-related listings, at far less expense than online travel agents who currently occupy the space.”
Blockchain technology ensures the utmost security of all bookings via using smart contracts and guarantees the direct communication between the involved parties, without any middlemen whatsoever. Not only is this technology more advanced and more affordable, but it is also integrated with an immediately accessible marketplace, which will be in direct competition with the already established market leaders.
Hotel and other property owners will get their cash through LOC tokens in a secure, transparent, and commission-less way. Additionally, in a single click, they’ll be able to manage their listings, as well as utilize both LockTrip’s analytics and in-depth data dashboards to secure more sales.
The company recently launched its alpha version with 100,000 hotels and accommodations already successfully integrated and open for booking. Along with that launch, the company’s team conducted a profound, cross-comparative analysis to determine whether their rates live up to the promised expectations.
The evaluation report comprised of 800 hotels globally, which included 3 major groups (Asia, Europe, and the U.S.A.) of the top 15 destinations in each location. The comparison used both Agoda.com and Booking.com listings. The report shows with what % Booking.com and Agoda.com are more expensive compared to LockTrip.com. The main reason for the difference is the commission that’s added atop the net price for a booking.
The research found out that there are extreme discount deviations. While a quick search everywhere – be it Asia, Europe, or the U.S.A. – will set you back with around 20% less on LockTrip.com, the more adept bargain hunters can save up to 3 times. The reasons are many, but it mainly boils down to the guest’s careful and patient research on LockTrip’s platform.
Safer, Cheaper, and More Enjoyable Travel Experience
Everybody loves to have a choice. And giving exorbitant commissions to travel agencies and other middlemen was the only choice up until very recently.
Now, thanks to LockTrip’s revolutionary Blockchain ecosystem, if you’d like to travel more, pay less, and know everything is safer than ever, that’s not only a dream but a reality. And the best part – it’s seamless, open-source, and absolutely free-to-use – both for guests and hoteliers.
Enter your own travel reality now.
Images courtesy of LockTrip
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