By
Wanguba Muriuki
July 29th, 2020
LockChain secured 100,000 hotels in order to create the first decentralized booking marketplace based on blockchain technology.
LockChain is a Bulgarian company that is developing decentralized travel marketplace based on blockchain technology. According to the company’s blog, this new platform will provide cheap accommodation services without any intermediaries as online travel agencies (OTA).
“Securing of quality inventory can only aid in the process of establishing LockChain as the first true 0% commission blockchain accommodation marketplace,” the company states.
Moreover, the company announced readiness of more than 100,000 hotels to join its platform. “Through strategic partnership deals that were made in December, we’ve secured hotel inventory that is close to 100,000 hotels with some of the most reputable accommodation suppliers in world,” the company reveals.
In order to prove necessity of such decentralized platform LockChain analyzed prices policy of OTA.
“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 says.
The main goal of LockChain platform is to enable hotels and private property owners to lease their premises without having to pay any fees to intermediaries like Booking.com or Airbnb, which on their end collect between 15 to 30 percent and end up increasing the price of the travelers’ stays.
LockChain intends to apply its open-source technology globally, and create new marketplace for anyone in the world.
The announcement in LockChain’s blog came shortly after LockChain issued 10,500 ETH over its tokensale, completed in November 2017. Currently, the platform’s token (LOC) has a limited supply of 18.5M tokens and is being traded on several cryptocurrency exchanges such as HitBTC, Mercatox, and Etherdelta.
For the first time LockChain revealed its intention to create marketplace where property owners could supply their property globally and receive money without paying any commissions in October 2017.
At the present time experienced team of LockChain is working on releasing the next update for the alpha version of the marketplace, and is developing apps and web interfaces for end users. The world’s first decentralized accommodations booking platform should be realized in Q1 2018.
