How LockTrip is Changing The Way We Pay For Travel Using Blockchain

LockTrip was created as a way to cut out the middlemen and reduce the costs of accommodation for both sides. Seeing a growing proportion of fees being allocated to these companies which ultimately add no value for the customer, the team decided to begin developing a platform that would change this.

Current popular travel platforms are centralized and take a commission on all transactions. Thanks to the blockchain however, LockTrip is able to change this, along with the added benefits of being fast, safe, and secure.

The Blockchain-Based Ecosystem

LockTrip is an ecosystem and marketplace where customers can search, find, and book hotel rooms and other accommodation around the globe when they travel. It is the first platform to allow customers and property owners to deal with each other without fees. To achieve this goal, all transactions are decentralized using the blockchain.

The blockchain is therefore of vital importance to the project. The decentralized LOC engine will be completely autonomous and will not charge commission, helping to achieve the lower costs. It will be the back-end that handles payment processing, booking management, and the database.

It works by using smart contracts that are able to manage the customer/host relationship and is programmed to handle scenarios with its native utility token, LOC. The entirety of the decentralized LOC Ledger, which is built on the Ethereum VM, will be open source and free-to-use by anyone globally.

The LOC Ledger provides applications with a back-end that allows for a competitive accommodation service without them needing to invest in their own system. The only requirement is to connect to the decentralized engine with their content.

This application is just the first of many use-cases, with plans to further utilize the blockchain for other organizations that wish to build apps using the decentralized, open-source platform.

Ultimately, this allows LockTrip to bypass the payment processors and connect customers to the property owners directly. The result is reduced travel expenses for customers and more competitive pricing for property owners. Reliability and transaction speed are other areas that can be improved through the use of the blockchain to the benefit of both parties.

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