About the client:
LockTrip is a decentralized open source bookings platform for renting hotel rooms, private properties or accommodation. Unlike the rest of the bigger players in the leisure/travel industry, LockTrip is the first system which allows end customers and property owners to deal with each other on the platform without any fee or commission. The existing platforms are currently centralized and take fees from the property owner and/or the end customer. Additional middlemen are the payment processors. All listings and deal parameters on LockTrip are decentralized on the Ethereum blockchain, eliminating all middlemen and guaranteeing transparent execution.
What was the problem:
Most booking platforms have built their business models around high commission rates from both property owners and customers. Locktrip’s aim is to utilize the Blockchain technology in order to make all transactions transparent and commission free.
What was the solution:
We worked closely with the Locktrip team both on consulting them about the optimal way to use the technology and on developing their product. The Blockchain architecture of Locktrip’s reservation system was completed by our team. This is the most crucial part of their business as it regulates all transactions and relationships between the property providers and clients. In a nutshell, in order for the process to go smoothly, there are rules and operations governed by Smart Contracts which are deployed in the Ethereum Virtual Machine.
Location: Sofia, Bulgaria