Blockchain Enters Hotel Industry

Blockchain Enters Hotel Industry

LockChain reported on its blog about signing partnership agreements with "almost 100,000 hotels around the world".

Through strategic partnership deals that were made, we’ve secured hotel inventory that is close to 100,000 hotels with some of the most reputable accommodation suppliers in the world. The inventory has global coverage. The prices of the hotels are extremely competitive. We’ve conducted a comparative analysis of 21 properties and the result was an average of -17% -18% pricing when compared with the most established OTA.

What is Lockchain?

Lockchain is a decentralized open source bookings ecosystem for renting hotel rooms, private properties or accommodation (the decentralized LOC Ledger). Lockchain will be the first system which allows end customers and property owners to deal with each other on the platform without any fee or commission.

LockChain.co is the first marketplace/application that will connect with the decentralized engine (The LockChain.co Marketplace). The decentralized system will hold the LOC booking ledger which will be the core of the engine.

The hotel industry is currently estimated at about $500 billion . The introduction of blockchain technologies on such a scale is the first such case of innovative solutions in this industry.

The general director of LockChain Nikola Alexandrov said:

Most people do not even realize that when they book a room on booking.com and Airbnb, they pay up to 30% of their money to these services without getting anything valuable in return. Thanks to the technology of blockchain, this share can be reduced to zero.

Eliminating the mediators from the process, the hotels will be able to offer their guests more favorable living conditions. The LockChain marketplace will allow the parties to agree on the rental of housing directly and thus exclude all possible intermediary commissions.

Now LockChain is busy developing an alpha version of its marketplace, as well as an application and browser version for end users. The company intends to deploy its open source technology around the world.

The project has already attracted the attention of prominent business and political figures: one of LockChain's consultants is Rosen Plevneliev, an entrepreneur and until recently the president of Bulgaria.

LockChain conducted a successful token sale in November 2017, receiving more than 10,000 ETH from nearly 5,000 participants. The LOC platform token is released in limited quantities and added to several crypto-exchange exchanges, including HitBTC, Mercatox, and Etherdelta.

Information Source: LockChain