LockChain is a company which is working actively towards developing a technology as well as an online marketplace on which consumers can book hotels as well as private properties. This hotel booking process is entirely powered by blockchain. Recently the company released a statement on its official blog stating that it has secured almost 100,000 hotels, located all over the world, by managing to develop a strategic partnership with a host of different companies in the accommodation sector.
This event holds a very important place in the world of blockchain and cryptocurrencies as it marks the beginning of decentralization entering the hospitality industry. The hospitality industry, itself, has a huge stake in the market with an estimation of about $500 billion.
There are lot many intermediaries in the booking process and direct communication between the hotel and the customer is not possible. But the 0% commission online marketplace which LockChain has proposed involves blockchain technology to directly connect the hotels with their customers and vice-versa thereby eliminating the very need for any kind of intermediaries. This will make staying in a hotel a lot cheaper and affordable than it is now.
On one side, the company is making the stay for the customers cheaper while on the other side working for the benefit of hotel owners as well as they are not bound to give any kind of proceeds or commissions or share of their earnings to intermediaries. This will have a positive impact on the quality of the service provided by the hotels. Now since a hotel and its customers are directly connected, the customer can interact with the hotel management straight away if he/she wants to raise a complaint, provide a feedback or request for any type of services. The direct communication will also make the hotel provide better facilities and service to their customers as they will know what exactly the customer needs.
It is a big hassle when a customer books an accommodation through the intermediaries as the process itself is time-consuming. Moreover, in the event of a cancellation, the customer has to bear the brunt of constant communication to the intermediaries for getting their refunds. The removal of the intermediaries will make the hotel booking process as well as cancellation process faster and pain-free.
The alpha version of this marketplace is already available. It will include an application as well as a browser version for the convenience of the end users. The availability of the mobile application as well as the browser will enable the end-users to conveniently book the rooms of their choice in their desired accommodation from anywhere they want. All the financial transactions on the platform are done in LOC tokens which are now already added to various cryptocurrency exchanges like HitBTC, Mercatox, and Etherdela.
The official announcement of the partnership with around 1,00,000 worldwide hotels comes immediately after a highly successful token sale in November 2017, through which LockChain was able to raise 10,500 ETH with a total supply of 18.5 Million LOC tokens.