Up until about few years ago, blockchain use cases had been almost limited to digital money. Thanks to Ethereum’s successful ICO, it has paved the way for thousands of more blockchain use cases, from health, to government and logistics. One of the latest being Tripio, a travel marketplace built on the blockchain. Think Airbnb on the blockchain.
Near uncountable challenges plague the travel and booking industry, but Tripio will be utilizing blockchain to the rescue. Unlike numerous ICO projects without a working MVP, Tripio already has a functional travel and booking platform on which users have access to 450,000 hotels, lodgings and homestays worldwide. Tripio will be tapping into the $7+ trillion tourism and hospitality industry. Although recently released, the platform is already a busy one with a minimum of 300 daily bookings being recorded.
Considering that not less than 98% of ICOs end up failing or disappearing altogether, it is a breath of fresh air to find one which not only is successful, but actually fulfills its roadmap. Far from being a garage cooked project aiming for some quick raise and run, Tripio team aims to address the pain points in the tourism industry.
One of such pain points is the bilateral credit risk between suppliers and users. Imagine booking a room and then arriving at the hotel only to be told that such a room does not exist. Or booking a room with the amount found on the site while booking, only to arrive at the hotel and be told amount has been reviews upwards. You are not allowed to check in until the balance is paid. Centralized booking sites have tried being a point of reference for both parties, however, these issues still find a way to fall through the crack.
A second pain point in the tourism industry is the issue of fake comments and reviews. These days, one can get reviews, 10 cents a piece from Fiverr. It's easy to identify bought reviews, they are usually over exuberant, with excess adjectives. This takes away from providing the supplier or user a way to know the true state of things, that help in making informed decisions.
Third pain point to be discussed is the high middleman fees both supplier and user have to deal with. Talk about those fees that have to be forfeited even when there is a problem with the booking. Some platforms charge as high as 20% commissions, in addition to other hidden and subtle fees.
Tripio intends to solve all these pain points through their decentralized database of supplier and user data. Such a database will remove the need for trust by supplier and user, when dealing with each other. While Alexa is yet to fall in love with a human, Tripio’s AI feature will be able to detect fraud. The anti-cheating facility means no hiding place for parties with ulterior motives. Best of all, no commissions! Who does that?! The only fees Tripio intends to collect are a 1-3% of currency conversion fee.
Tripio, after a successful ICO event raising over 450,000 ETH, will be listed on one of the third largest exchanges globally. (https://www.huobi.br.com/topic/invited/?invite_code=8res3) The project attained about 50% more than their target votes on the HADAX 2.0 regime. Following the successful voting season, they would be among the three other projects to get listed on HADAX. https://www.huobi.br.com/topic/invited/?invite_code=8res3
As a smart project, Tripio has caught the interest of heavyweight investors. Not just, any investor, but those with vested interests in the tourism and blockchain industry. Some of these investors include Blue Ridge Capital, Block VC, Genesis Capital, IN Blockchain, Ceyuan Ventures and Free $ Fund.
Based in Atlanta, Blue Ridge Capital (BRC) is a real estate investment company targeting value-added properties in the Southeast. Its specialty includes retailing, leasing, management, developing and construction of real estate investments. Of course, accommodation is the bane of tourism. One cannot always camp in the forest.
Block VC is one of the top 20 blockchain investment companies in China whose main aim is to accelerate mainstream adoption of blockchain. At the same time, it is also an advisory firm offering support, financial services, technology and strategic management of blockchain focused projects. Public blockchain, application protocols and financial services are Block VC’s three main pillars.
Tripio is taking the road less traveled. Hopefully, suppliers and users would have fun on the journey as they work towards eliminating all the pain points plaguing the tourism industry.
Disclaimer
This work is only a personal suggestion based on personal opinion and experiences, hence we are not liable for any loss incurred by a trader who uses this article as a trading guideline. You are advised to do further research before you form an opinion.