Blockchain the hotel industry with LockChain
As of today, Bitcoin is reaching an all-time high, flying passed the $7000 mark. Last year, on this same date, it was at around $700, this is 10x!
For anyone who has been involved in the blockchain industry, since 2010, has seen the peak and drop in pricing of this technology and has witnessed the disasters, such as the The DAO.
What are the advantages of BlockChain?
Most of us should now be familiar with what a blockchain, how it allows for decentralization, enables trust, and removes intermediaries. All interested parties in this case will be able to see that party A transacted a certain amount of money to an address on a blockchain that will send that money to party B, when certain conditions are met.
What is Lockchain?
One of the latest projects in the hotel industry that is based on the blockchain technology and is built on the Ethereum Virtual Machine (EVM), is LockChain. LockChain was founded in May 2017 by Hristo Tenchev and Nikola Alexandrov. Both renowned entrepreneurs in Bulgaria, who have a strong background in blockchain, as they founded Bitcoin7 — the largest Bitcoin Exchange platform, back in 2011. However, it is no longer active!
What is LockChain’s approach?
By removing middlemen, as well as commission on the platform (currently around 20–50%), properties will be providing customers with a more competitive market.
Its aim is to offer a marketplace with short term rental property listings, at 20% lower pricing that its current competitors occupying this $500B space, i.e. Booking.com, Expedia, AirBnB. People can book properties utilising LockChain’s own LOC token, which is available to purchase now, via https://lockchain.co , as well as BTC, ETH, USD, EUR, etc.
Via the smart contract built on the EVM, LOCs will be held during the booking, and then released when the agreement between the renter and host has been terminated/agreed. This is how all smart contracts works. If however, a customer is willing to book using FIAT, or other accepted crypto currencies, these will be converted via the smart contract into LOC, and released to the property owners.
The Freemium model
LockChain has already finalized a partnership with FantasticStay, to onboard 10,000+ properties. FantasticStay is a startup that focused on hotel management tools. LockChain has already released an alpha-version of their marketplace, where people can start testing with 200 properties. It expects more hotels to see the potential for the freemium model to liberate them from the rising advertising fees of online travel aggregators. Property owners will be able to transfer their existing listings to the LockChain marketplace in a single click.
LOC Token Sale
The pre-sale kicked off on October 3rd and ended on October 29th, with a price of 1 ETH = 1000 LOC. A total supply of 5M LOC were sold. During the pre-sale the hardcap, based on a public vote, was lowered from 150M LOCs down to 32M LOC. The main sale started on Oct 29th, and will end towards the end of November, where the LOCs will then be listed on several of the large exchanges, currently being evaluated. All unsold LOCs will be destroyed.
Based on Tenchev’s Medium post, LOCs token’s value can increase via supply and demand of the market, the adoption of the LockChain marketplace by property owners, the limited supply of LOC tokens.
LOCs can be purchased here and you can check the total supply on EtherScan.io
Does LockChain have potential to disrupt the Hotel industry?
“Given the fact that the global hotel industry is worth around $500 bln annually, this means that any new platform that eliminates these fees (like Lockchain) could deliver up to $125 bln in value to users each year. And with the advances possible with Blockchain technology , a new platform would not be another iteration of the same old business model. Much of the 25% that currently goes to the middlemen processors is a “necessary evil” of sorts.” http://www.newsbtc.com/2017/10/03/can-hotel-industry-benefit-blockchain-technology/ — NewsBTC
“LockChain is a blockchain-based marketplace where hotel owners and property owners can rent property around the world while enjoying lower fees, better security, and greater transparency. LockChain claims that property owners can charge the same rates, while guests can pay 20% less than they do on other websites.”
https://bitcoinexchangeguide.com/lockchain/ — BitcoinExchangeGuide
(Lockchain) “A booking model that can lower hotel costs will also provide more competition and competitive pricing in the $500 Billion accommodation market. Smaller hotels that have recently closed down have cited increasing internet commissions and staff costs as challenges.”
https://www.cryptocoinsnews.com/lockchain-democratizes-hotel-booking/ — CryptoCoinNews
The only project in the accommodation sector and the only bookings engine which will be open source and free to use. By providing this technology, LockCain will cut hotel prices with up to -25%. Users will be able to spend their LOC tokens for properties that are listed on the growing marketplace. Team plans to have 7000+ properties by the end of the year.
https://cointelegraph.com/ico-calendar/lockchain — CoinTelegraph
You can contact the team at team@lockchain.co
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