Despite the prevalence of online travel agencies, consumers are still facing the problems of inefficiencies such as high commission fees for hotel partners and endless fake reviews which damages consumer trust.
We spoke with Matthew Luczynski, CEO, and Co-Founder at Travala, about how crypto could be the missing link as well as Travala’s business model. The company made news recently by accepting several cryptocurrencies for the booking of hotels around the world.
Between hotel booking sites and concert ticket vendors, the public seems just about fed up with the monopoly that certain middlemen have in the entertainment and hospitality industry and their high fees. How can Blockchain help to break that?
With high fees and limited choice, the monopoly of middlemen, from hotel booking sites to concert ticket vendors, is not in the best interest of consumer or supplier. The application of blockchain technology has resulted in a power-share among all parties with improved transparency, security, and efficiency. The advent of real-world blockchain applications signifies a third evolutionary leap for human connectivity. In the travel industry, this enables buyers and sellers to interact directly and benefit from lower fees, instant payments, better security, and a trusted service.
One would think that with the internet, there would be fewer middlemen in the travel booking process but there are more than ever. How did we get here?
The Online Travel Agency or OTA model was revolutionary when it arrived over ten years ago and the functionality of the model itself is not broken, simply the parameters to which it is tuned to operate. In an ideal world, hotels and other accommodation suppliers would be empowered to connect through an OTA-style platform which would offer a transparent,