Harnessing the tremendous capabilities that blockchain-based technology has brought, TravelBlock attempts to disrupt the billion-dollar travel booking industry. Through its implementation, the project intends to cut the costs of travel purchases with as much as 60%. At the same time, it will substantially increase transparency, reliability, and transaction security.
Blockchain undoubtedly reminds us of the Internet in the 1990s. Back then the idea of booking your stay online seemed like a far-fetched one, yet now it comprises a $600 billion space dominated by a company called Expedia. The current ecosystem, however, is riddled with issues ranging from high middlemen commissions to lack of transaction security. It is this multi-billion dollar market that TravelBlock attempts to disrupt and, eventually, to dominate.
Current Problems Plaguing the Travel Booking Industry
Two prominent intermediaries are currently standing between regular customers and the providers – these are the Global Distribution Systems and Online Travel Agencies.
Global Distribution Systems (GDS)
GDS presents a computerized reservation network which allows for tracking airline, hotel, as well as rental cars reservations by different travel agents. In order for the network to be used, a fee has to be paid. The average commission for hotel booking, for instance, is 20%. On the other hand, airline ticket booking sees an added price of $12 on average. Interestingly enough, GDS predates the currently existing Internet as we know it as it was introduced back in the 80s. Needless to say, the solution is far outdated and this is taking its toll on the entire industry.
Online Travel Agencies (OTA)
One of the major OTAs out there is Expedia. OTAs serve as intermediaries which take care of everything the traveler needs for a hefty overhead. They also have serious discounts with the providers in order to maximize their profits. In reality, the customer is the one who overpays while the provider gets his prices cut even more.
Introducing the Solution: TravelBlock
With an intent to replace this abundance of hidden fees and artificial pricing, TravelBlock is a project which brings a straightforward, transparent model based on blockchain-based technology. It comprises of a closed consumer group (those who have TRVL tokens).
The team will be purchasing travel inventory in bulk, securing serious discounts from elite travel providers. It would then be listed on a secure, blockchain-based platform where members (e.g. TRVL token holders), will be able to make airline, cruise, hotel, as well as car rental reservations. The transactions will be carried out instantly and securely recorded on the underlying blockchain.
More Than Your Regular Tourist ICO
Blockchain-based projects which attempt to improve the currently existing travel industry are mostly led by young people with IT backgrounds. Unlike them, TravelBlock is founded by a team of highly-experienced professionals with combined experience in the travel industry of more than 50 years.
Having deep knowledge on the matter, as well as practical expertise, the team attempts to fix serious underlying issues within the industry. Understanding that prominent GDS and OTAs are currently occupying the majority of the market share and trying to entirely monopolize it, TravelBlock aims to bring back the control in the hands of those who matter – the travelers and the providers. After all, it all drills down to these two groups as they genuinely comprise the entire industry.
A Solution is Already Developed
Further distinguishing themselves from other competitive projects in the field, the team behind TravelBlock has already developed its own functional online booking platform. The only thing that remains is to transfer it to the blockchain. The solution already brings a myriad of benefits to its users. They include, but are not limited to:
- Easy and hassle-free reservations
- A wide range of destinations for travel and recreation
- Low prices because of the access to the closed consumer group
- Simple and secure payments
Furthermore, the platform is already connected with more than 350,000 hotels, bringing more than 14 million rooms to potential travelers. 9,300 resorts, as well as all major and premium cruise itineraries, are already on board.
Half of the project’s roadmap has already been fulfilled and the team is entirely transparent on what’s currently being done and what’s in the pipeline.
The TRVL Token
The TRVL token is designed to serve as the main means of exchange on the platform. It also provides membership to the closed consumer group, access to comprehensive rewards programs, and quite a lot of additional perks. Users will be able to spend their TRVL tokens to book their stay, taking advantage of the discounted rates provided by the TravelBlock platform.
The token itself is a standard, ERC20-type and a total of 180,000,000 TRVL tokens will be available for purchase throughout the entire sale. The minimum amount that users will be able to invest is set to 0.1 ETH while the maximum is capped at 250 ETH.
The token sale starts on June 18th and it will last until July 18th. Tokens will be sold at a price of $0.14 and participants will receive a 10% bonus on all tokens purchased.
For more information about TravelBlock, please visit their official website. You can also stay up to date on all the latest news and developments on Facebook and Twitter, or join the live Telegram discussion.
Do you think TravelBlock will succeed in lowering the online travel booking prices? Don’t hesitate to share your thoughts in the comments below!
Images and media courtesy of TravelBlock, AdobeStock