Blockchain is emerging as a strong technology tool that is all set to change the status quo of the travel industry. This is largely because it has the potential to dramatically alter the way in which information or data is stored and used, enhancing transparency and security, while also improving transactions. One of the most crucial aspects of blockchain technology is that data is decentralised, with information shared across a peer-to-peer network.
Banking on its subsequent adoption and tremendous growth potential, Singapore-based GOeureka is planning to launch their online hotel booking platform at the end of 2018, which will be utilising blockchain technology to deliver an industry-first solution that will disrupt the current OTA business model.
This next-gen solution that will shape the future of online booking, will be built on top of the Ethereum platform, an open software platform based on blockchain technology that enables developers to build and deploy decentralized applications. GOeureka will challenge the status quo by removing hefty OTA commissions paid by hotels.
The booking engine will also allow users to earn cryptocurrency tokens (Go Tokens issued by GOeureka) for online bookings made on the platform which can then be used for future bookings on the portal. The company’s goal is to deliver greater transparency in the booking process and drive better value for the consumer by allowing users to transact directly with hotels through smart contracts. GOeureka will eradicate the current commission model adopted by online travel agents and work on a much more cost-effective fixed-fee model with their hotel partners. This will decrease the costs that hotels incur when a booking is made through a third party booking engine.
By reducing the financial commitments of hotels to third-party booking platforms, the company’s vision is to enable hotels to focus more resources on providing better intrinsic value and services to travellers around the globe. Other features the company plans to release is to facilitate interoperability of hotel loyalty points and a rebooking system that will deliver the best possible room rate for travellers.
“Think of GO Tokens as loyalty points which users can utilise to unlock a range of benefits across our platform. One of the distinctions between our tokens and traditional loyalty points is that GO Tokens will also have monetary value as they can be traded on crytopcurrency exchanges. Having said that, the intrinsic value of our tokens is its utility across our platform” said Manraj Rai, GOeureka’s founder and CEO. GOeureka also plans to enable booking payments through traditional methods such as credit cards and other forms of cryptocurrency.
GOeureka has already launched its GO token sales, after which it plans to launch product Beta test with its partner hotels. This will be followed by the launch of the platform, and a digital marketing campaign by the end of this year. The company has already received a successful seed funding for the purpose, and currently has a 19-member strong team spread across Singapore and Malaysia.