A blockchain-based travel booking site has teamed up with a leading online travel agency in a deal that could draw the attention of a global audience to the consumer-centric hotel and ticket booking market.
Australia-based Webjet has invested $ 4.1 million in LockTrip to integrate the consumer website and LOC blockchain into the Webjet OTA platform, a leader at its home in New Zealand.
In addition, Webjet is investigating the migration of its blockchain project, the Rezchain reservation verification system, to the Hydra decentralized network and proof of ownership. This will be an important step towards LockTrip’s ultimate blockchain goal of making the hotel a symbol and a wider market for travel service providers.
At the same time, it will boost Hydra’s transactional economy as orders from thousands of travel agencies around the world will be transferred over the blockchain, making Hydra one of the most trusted networks in the world.
As part of the agreement, Webjet Director John Jusik and Corporate Development Director Lyn Oldfield will join LockTrip’s board of directors. In addition to the $ 4.1 million investment, the agreement could be extended to a second round involving an additional $ 4.2 million investment that will give Webjet a 51% stake in LockTrip – albeit with multiple guarantees included. to increase the LOC economy in the center of the market. Travel LockTrip.
If LockTrip’s two-year Webjet integration succeeds, “LOC’s economy will be strengthened by the existing global supermarket business with millions of active users,” said Nikola Aleksandrov, CEO of LockTrip. “This makes the deal unprecedented in the blockchain space.”
While investments of up to $ 8.3 million were a major factor for LockTrip, the deal culminated in a two-year process in which the blockchain company focused primarily on how to accelerate the partnership with its “mission to decentralize the travel industry.” …
It started when Webjet first contacted LockTrip in 2019 while working with Rezchain.
“From the first conversation, we were impressed with the way the founders approached the known issues in the public blockchain and we felt they had the opportunity to change the game to take advantage of the core blockchain functionality,” Guskic said. “After identifying the exciting opportunities that LockTrip and Hydra have to offer, we began to explore the deeper relationship that led to today’s announcement.”
For LockTrip, the agreement provides a partner who strongly believes in the power of blockchain technology to transform the travel booking industry, and has very deep knowledge and experience across a wide variety of travel levels and sectors – and the industry – comprehensive coverage. , influence and brand awareness.
More information from LOCKTRIP here
Powerful distributed travel database
While Webjet is best known for its consumer ordering site, the largest division is WebBeds Room Wholesale, which is the second largest buyer and supplier of space inventory for travel agencies and OTAs. This makes the Hydra add-on, which gives real businesses the extended advantage of the blockchain platform, and is very suitable.
At the launch of Rezchain, Hydra’s ability to support flat transaction fees in USD, scalability that can support parallel processing of transactions from a single wallet, which is important for business customers, and the security of the quota checking platform provide the tools needed to build a robust distributed travel database. … and feel corporate.
“Public blockchains are usually slow, resource intensive and have unpredictable prices,” Oldfield said. “With the launch of Hydra Chain, the LockTrip founders provide a robust and scalable platform for their own commercial applications.”