Blockchain Case in Point: Tripio
Embracing the new era of tourism, Tripio.
Established in 2015, Tripio introduced the very first blockchain-based travel marketplace with the aim of restructuring hotel booking protocol using blockchain technology.
Tripio takes a unique approach towards blockchain technology and the online travel industry. Built on a 0% commission, decentralised shared economy philosophy, Tripio cuts out the high commissions earned by Online Travel Agencies (OTAs), which typically range from 15-20%, as well as foreign exchange transaction fees of 3% if consumers pay using digital currencies. By connecting service providers and consumers directly, hotels are able to save on OTA mark-ups and conversion costs which translates to better prices and greater savings for consumers. At the moment, 16 different legal fiat/digital currency, including US Dollar, Euro, Ethereum, Litecoin, XRP, and TRIO are accepted on Tripio.
With blockchain-powered decentralisation in place, Tripio connects its consumers and service providers directly without the presence of any middlemen. All transactions are protected by smart contracts, where payments are only processed after the service is rendered. Should disputes arise, Tripio’s smart contract automatically initiates an arbitration process.
Tripio’s goal is to improve the online travel industry by building a service ecosystem leveraging the underlying principles and characteristics of blockchain technology, such as decentralisation, transparency and immutability.
Will Tripio be the future of travel booking?
Despite technological advancements, the concept of a blockchain-based travel marketplace is still relatively new. In the four years since its founding, Tripio has grown to feature over 128,000 shared spaces in eight cities on their platform. If they are able to continue growing, blockchain technology may very well find its foothold in the travel marketplace.