The $1.6 Trillion Annual Travel Booking Industry Is Being Disrupted with Crypto
An innovative and pioneering blockchain ecosystem starts the revolution...
The travel and tourism industries continue to grow and now accounts for over one-tenth of global gross domestic product (GDP). As one of the fastest-growing sectors in the world, travel and tourism posted nearly $1.6 trillion (USD) in total bookingsin 2017. What’s more exciting is that a new player has entered the market with the potential to change the way the industry books: Travel Block. This trendsetter makes your vacations a reality with steeply discounted prices thanks to their innovative and pioneering blockchain ecosystem.
Current state of the Travel industry
TravelBlock is pioneering the use of blockchain and cryptocurrencies in its bid to disrupt the status quo in the industry, which is currently being dominated by the global distribution systems (GDSs) and online travel agencies (OTAs). The traditional GDS is primarily a B2B computerized reservation network that is used as a single access point for making and tracking airline, hotel, and rental car reservations by travel agents, OTAs, and consortiums like American Express. Major GDS companies like Sabre, Galileo, Amadeus, and Travelport extract substantial fees to use these networks – for example, the average added cost of an airline ticketbooked utilizing GDS is $12, and the average hotel booking commission is 20%.
Meanwhile, the OTAs are mainly run by two business monopolies. Because of their dominant positions, these companies are able to impose “rate integrity” agreements on hotels, cruises, and airlines to make sure that the prices they offer cannot be listed for less on the market. This is to ensure that they will continue to own access to the bulk of the proceeds from online travel booking revenues.
Change is coming
TravelBlock replaces this “dark web” of hidden fees and artificial pricing with a straightforward cost-plus model, powered by the blockchain. By using blockchain and enabling payments for travel using crypto, the TravelBlock platform ensures a single, transparent, and secure processing of transactions that can be monitored in real-time. This effectively resolves the security issues in GDS and OTA platforms including unsecured personal information, weak authentication, and lack of transparency.
How TravelBlock operates
Travel inventory is purchased by TravelBlock at a bulk discount from elite travel providers, and listed on a secure platform, known as a Closed Consumer Group (CCG). Members (anyone who has purchased or holds at least one TRVL token) can make airline, hotel, cruise, and car rental reservations via the platform at prices that are lower than the official prices that the travel monopolies allow to be advertised publicly. The transactions are executed immediately and recorded securely on the blockchain.
By registering on the site and purchasing TRVL tokens using your Ether wallet, anyone can become a member of TravelBlock’s closed consumer group. Their members have access to 30% to 60% savings on your travel costs through the company’s private consumer platform. What’s more, because TravelBlock is designed to function as a one-stop shop platform for all travel needs, travelers can be sure that their entire holiday is organized, booked, and managed in the same place.
Since TravelBlock’s platform is a closed group and members undergo verification checks, it is effectively private, allowing TravelBlock to offer their customers considerably lower prices, by circumventing rate-integrity agreements and bloated margins of the traditional travel booking sites..
TravelBlock has just completed its pre-token sale and is readily awaiting customers to register on its site for more rewards. Members are able to book hotels, flights, and more during the beta The company is also offering perks and freebies like a free 7-night stay at any of the company’s 9,300 private resort partners around the world to customers who purchase 7 ETH or more worth of TRVL tokens!
So what are you waiting for, register now at TravelBlock and experience hassle-free travel to your dream destination today!
Travelblock ensures that you will always get what you want, where you want, when you want it. Book your Vacation Now! Visit TravelBlock.io.