Can the Hotel Industry Benefit From Blockchain Technology? In the past few months the hype surrounding Blockchain technology as well as cryptocurrencies has cemented the cryptoshpere in public consciousness. NewsBTC » A blockchain solution for greece the Hotel Industry Benefit From Blockchain Technology? There has been a lot of attention paid to the hospitality industry, which looks like one of the areas that will adopt blockchain technology first.
They are in the process of raising funds through an ICO for their hotel Marketplace. Our project stands out by being extremely business driven. We do not try to invent a new kind of service, but rather we want to solve a problem in a extremely in-demand service by changing the underlying technology. Tackling this kind of industry should be music to investors’ ears. 500 bln industry is easier said than done, but the Lockchain team have tried to design their solution to meet the needs of users. And this proposition has already started to gain traction, with already over 7,000 properties enrolled to be listed on their platform. Developers will be able to use this blockchain to make decentralized apps for novel accommodation purposes, whether for individual hospitality providers or other purposes.
Lockchain’s cryptocurrency price from affecting the funds used for payment, and an instantaneous currency conversion mechanism to entice users who are not as familiar with using cryptocurrencies. The price hedging and currency exchange features are both similar to what is used in the financial and hospitality industries, which should make the leap to crypto much less noticeable for users and property owners. The Lockchain team are currently holding the pre-sale of the token, ahead of the main sale to take place in October. But there are also significant secondary benefits to using Blockchain for hospitality rentals. What can the hotel industry gain from Blockchain technology? Booking a holiday has never been easier, with companies like Expedia, Airbnb, and Booking. But the success of these companies shows how much money there is to be made by further improvements.
This practically means that hotel owners pay an additional commission to Booking. VAT amount that they remit to the state budget. 125 bln in value to users each year. And with the advances possible with Blockchain technology , a new platform would not be another iteration of the same old business model.