LockChain is a platform with the goal of offering a decentralized booking technology along with a marketplace for worldwide property rental. It aims to cut out middlemen from booking procedures, boasting 0% commissions and a system where hoteliers along with property owners will be able to manage their bookings and collect money without having to spare their earnings.
Through ethereum smart contracts, the LockChain platform will offer an open and free to use marketplace where owners will be able to make listings on a web based platform, integrated into the blockchain. Lockchain aims to become a platform for different kinds of properties, including hotels, private properties or even parts of properties
The marketplace the project is entering is currently an oligopoly, dominated by services that charge travelers high commissions for bookings. LockChain seeks to attract both owners and travelers by providing a platform with no commissions, under which prices could be much more attractive.
Moreover, property owners will be able to reap the benefits of blockchain technology by receiving payments in LOC tokens. Secure, transparent and trustless payments are going to be an integral feature of the project all thanks to its blockchain infrastructure. The project’s core backend infrastructure is also set to be decentralized according to the project’s whitepaper.
In terms of ease of use, aside of the web frontend marketplace, users will also be able to browse listings through a to be developed phone application that’s going to allow on the go bookings of properties and hotels. It seems that in spite of the complicated nature of the project’s backend, developers still have simplicity and ease of use in mind. Not forgetting property owners too though, statistics and detailed analytics are promised to them through the use of the platform.
The project’s proposed structure showcases how transactions are going to be handled. In spite of certain centralized featured dedicated to ease of use, payments and records are going to be blockchain based, this way lending the infrastructure’s robust reliability while at the same time maintaining a low entry barrier for potential customers.
Additionally, while the project boasts 0% comissions for its upcoming services, there is a solid plan on how revenue is going to be generated. The platform is going to allow for paid featured to be integrated, while also offering a paid subscriptions in order for a property owner to access the full feature set of the platform or promote property in the marketplace.
In keeping things fair for free users of course, the comments and ratings are going to remain unaffected by whether or not the owners have a paid subscription or have paid for certain features. Paid features are going to allow for owners to showcase a more accurate image of their property, by allowing for more images to be uploaded for example.
Under the subscription models, owners interested in additional features would pay an amount monthly based on their property size, something that would grant them access to the featureset of the platform. Under this freemium model, everyone would have an equal chance in making free listings but the platform would earn from those more vested in the service, and interested to have more from it. Developers are currently considering both options for a monetization model.
In closing, LockChain seems to have an innovative view of what the online travel agency should move towards, but execution of such vision is surely going to be hard. With a roadmap having an alpha launch soon ahead though, it’s going to be exciting observing the project’s future.
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