TravelChain.io looks to democratise tourist information services through blockchain technology
In a world where data reigns supreme, often only the largest entities have access to it. In the case of the travel industry, Priceline and Expedia control 95% of the market. TravelChain’s open-source blockchain aggregates data from across the spectrum, creating a far-reaching “smart travel” ecosystem that brings new market players into the fold. This gives businesses, big and small, the tools they need to connect with their customers.
For example, in 2016 travelers spent more money on their excursions than anything else. 69% of these leisure travelers expressed concern that they were missing out on the best offers and the lowest prices. Also, time is a factor. Over a quarter of travelers choose their destination between three to five months in advance. Some even book arrangements six months ahead of time. Without targeted data, marketers simply couldn’t predict accurate buying behavior that far in advance.
Over a quarter of travelers choose their destination between three to five months in advance
Enter TravelChain and blockchain technology. TravelChain is a team of marketers, data analysts, big data experts, developers, designers and managers, all with one goal in mind: triggering breakthrough market solutions and creating new travel patterns.
This open access to data is the springboard for future technologies that, within the three-to-five-year timeframe, will revolutionize how people travel. The idea is democratization of big data; the name for it is ‘smart travel’. It’s an effort that appeals directly to the millennial generation—an age group accustomed to the internet and mobile devices meeting their travel demands quickly.
“Blockchain takes away the monopoly of knowledge from a few platforms.”
– Fritz Joussen, CEO Tui Group
Online travel agencies have yet to fully integrate solutions for travel planning and booking. TravelChain is designed to only offer personalised searches but to also incentivise travel within the ecosystem by adding their TravelToken feature. Users simply install an application on their mobile device and a plug-in begins aggregating data based on their search behavior. When a user shares a certain piece of information, he or she is awarded TravelTokens, which can be redeemed for crypto-currency or tourist services within the TravelChain network.
Direct benefits of TravelTokens include: the price of tokens goes up along with data growth; higher data growth means greater business and developer interest; and more activity on the network means more tokens in business accounts
The end result is that businesses will be able to communicate much earlier with customers on the purchase path. They can tailor more personalized offers to individuals, making each relevant to the user’s specific needs. This all comes courtesy of the blockchain data received from travelers.