Harnessing the tremendous capabilities that blockchain-based technology has brought, TravelBlock attempts to disrupt the billion-dollar travel booking industry. Through its implementation, the project intends to cut the costs of travel purchases with as much as 60%.
At the same time, it will substantially increase transparency, reliability, and transaction security. Blockchain undoubtedly reminds us of the Internet in the 1990s.
Back then the idea of booking your stay online seemed like a far-fetched one, yet now it comprises a $600 billion space dominated by a company called Expedia. The current ecosystem, however, is riddled with issues ranging from high middlemen commissions to lack of transaction security.
It is this multi-billion dollar market that TravelBlock attempts to disrupt and, eventually, to dominate. Two prominent intermediaries are currently standing between regular customers and the providers – these are the Global Distribution Systems and Online Travel Agencies.
Global Distribution Systems (GDS) GDS presents a computerized reservation network which allows for tracking airline, hotel, as well as rental cars reservations by different travel agents. In order for the network to be used, a fee has to be paid. Read more from bitcoinist.com…
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