Booking travel in the US has been basically dominated by two major companies, Expedia and Priceline (who own all the other major sites). But Blockchain technology is about to change all that through a new non-profit system offered by TravelChain.
The company has announced that it will provide users a methodology for booking travel that will bypass the current travel monopoly in the US. The concept is to use Blockchain to incentivize its users for posting feedback on travel using TravelTokens, the internal cryptocurrency for the system.
The announcement was followed by the presentation of the platform to the participants at BlockShow Asia this year. The team has coined the term ‘travelution’ - a revolution in the way travel takes place. The announcement was a statement on the platform, and the many ways that it will change how travel and rewards are earned and distributed.
“Amazing event, best we have ever participated in! Good people, good organization, many important contacts and meetings. We were able to meet 2 new advisors (one of them Christoph Herring from the Bitshares committee) and talk to many investors,” TravelChain commented on their experience on the BlockShow Asia 2017 conference.
Passing Ethereum
It's usual for new Blockchain-based projects to launch token sales on Ethereum, however the team of TravelChain has decided to use their Graphene-based technology. The hope is that this system will provide smoother and faster transactions, particularly given the massive slowing on the Ethereum Blockchain.
The TravelTokens can be converted to fiat currencies on exchanges, or used within the system. The primary benefit for the industry will be a system that is free from domination by for-profit companies. Additionally, because the platform is a peer-to-peer network, it will provide direct interaction between users, effectively beating Airbnb at its own game.