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Blockchain technology can enhance the competitiveness of hoteliers and online travel agencies
As more people turn to online booking platforms, the actual service and credit card processing fees remain around 80% of the room price. Introducing blockchain technology into the hotel industry could allow direct interactions between guests and hoteliers, cutting down on third-party payment costs and offering a new alternative to traditional online travel agencies (OTAs).
The hotel sector has long been affected by the digital revolution. Today, most travelers use OTAs like Expedia, Kayak, Priceline, or Travelocity, as well as innovative services like Airbnb, to book their stays. These platforms act as intermediaries, often charging high fees that reduce the revenue hotels receive.
Despite claims from hoteliers about rising costs due to OTAs and Airbnb, the global hotel industry still saw strong performance. In 2016, the sector generated $550 billion in revenue, with the U.S. contributing $199.3 billion. A significant portion of U.S. travelers—88%—book online, and 72% prefer using OTAs rather than booking directly with hotels.
Blockchain technology is now entering the scene, offering a potential game-changer for the industry. It could significantly reduce the fees charged by intermediaries, allowing hotels to keep more of their revenue. With lower costs, customers might enjoy better experiences, such as upgraded rooms or additional amenities.
Several blockchain-based startups are already making waves. Platforms like Abab, Emphy, Fujito, Lockchain, Pally, and Trippki aim to connect travelers with accommodation providers in a transparent and cost-effective way. These platforms offer competitive pricing, special offers, and loyalty programs to attract both customers and suppliers.
Hotels are increasingly open to adopting blockchain, but for it to truly disrupt the $500 billion industry, more collaboration is needed. Experts from both the hospitality and cryptocurrency sectors must work together to build trust and ensure smooth implementation.
One example is Mapala, which operates on the Steemit platform and uses TravelChain’s decentralized data sharing system. It rewards users for sharing travel preferences with hotels, serving as a non-disruptive step toward blockchain integration. The platform currently has over 2,000 users and is expected to launch its token sale in early 2018.
TripAdvisor understands the value of local experiences, but Pally takes it further by leveraging blockchain to connect travelers with locals worldwide. Users can get real-time recommendations on food and attractions, while also enjoying a peer-to-peer payment system that simplifies transactions.
Lockchain enables bookings in any currency, eliminating the need for high OTA fees. Guests can book directly with hotels without paying extra, and hotels don’t have to inflate prices to cover intermediary costs. The platform charges a low service fee—between 1% and 3%—and waives it entirely when using its native token, LOC.
Trippki introduces a universal reward system where customers earn TRIP tokens for positive reviews or referrals. These tokens can be used at participating hotels or converted into cash. Similarly, Estonia-based Emphy offers a blockchain-powered platform akin to Airbnb, streamlining interactions between hosts and guests.
With so many blockchain startups emerging globally, the hotel industry is on the brink of a major transformation. As these technologies continue to evolve, they promise to reshape how we book, pay, and experience travel.