No fees, it’s all laisure with LockTrip’s decentralized booking platform
Recent developments in the hospitality industry have clearly demonstrated that the sector stands to gain a lot from adoption of new technologies. One recent example of this is the rise to prominence of online hospitality marketplaces and booking sites. Platforms like Booking.com and Airbnb have transformed the way travellers and hospitality service providers connect and do business. But things can be even better and LockTrip, a Sofia, Bulgaria-based booking platform, is betting that blockchain will power the next big disruption of the space.
Decentralization is key
The sector currently relies on centralized platforms to connect travelers and service providers, handle bookings, process payments, combat fraud and so on. This creates several problems, chief among them being the hefty fees charged by the various intermediaries involved in a transaction. Security and transparency issues are also not uncommon.
In contrast, LockTrip takes advantage of blockchain’s biggest strengths, such as its ability to connect people directly and store relevant information safely on a decentralized public ledger. These core characteristics of the technology have inspired LockTrip’s vision of a decentralized, 0% commission hospitality and travel marketplace.
LimeChain played a significant role in bringing that vision to life. Firstly, our experts advised the LockTrip team on how blockchain technology could be best utilized for the project. Then, our team of developers build the entire blockchain infrastructure underpinning LockTrip’s booking system. We used smart contracts deployed on the Ethereum virtual machine to ensure that transactions go through as planned.
Today, travelers can use the LockTrip platform to find rooms in more than two million hotels and properties around the globe, as well as book flights to various destinations. The platform also supports a number of crypto options, including Bitcoin, Ethereum, Litecoin and USD Coin.