LockChain Strikes Partnership with 100,000 Hotels Worldwide
Decentralized booking marketplace LockChain will revolutionize the hotel industry, after establishing partnerships with a network of 100,000 hotels worldwide.
LockChain, a company seeking to bring about decentralization to the international accommodation industry which is currently estimated at around $500 billion, has announced it entered into strategic partnerships with nearly 100,000 hotels around the globe.
The company offers a decentralized technology and an operational marketplace that enables peer-to-peer transactions between guests and hotels via blockchain using its native LOC tokens. This, according to LockChain’s blog, ensures cheapening of services as hotels and private property owners who would like to lease it will no longer need to pay considerable amounts to centralized intermediaries like Airbnb or Booking.com.
“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 world. The inventory has global coverage. The prices of the hotels are extremely competitive. We’ve conducted a comparative analysis between 21 properties and the result was an average of -17% -18% pricing when compared with the most established OTA,” the company’s official post reads.
The company’s CEO Nikola Alexandrov noted:
“Most people don’t realize this, but when you book a stay through booking.com or AirBnB, between 20% and 30% of your money goes out to middlemen without adding any value to the actual travel experience. Thanks to advanced blockchain technology, we are able to change that to 0% and give that value back to the travelers and hosts.”
LockChain is the first company to offer blockchain to the blooming hotel industry and is among the first blockchain-based real-world applications to provide such a service. It has garnered support from several remarkable public figures, including Bulgaria’s former president Rosen Plevneliev who acts as a member of the company’s advisory board.
Currently the team is working on the alpha version of the platform. The company’s blog suggests it will go live in Q1 2018.
The announcement comes after a token sale event that brought LockChain 10,500 ETH from over 4,500 contributors. The LOC token has a limited supply of 18.5m tokens, and has already been listed by several cryptocurrency exchanges such as HitBTC, Mercatox, and Etherdelta.