The NEO EcoFund aims to provide funding to projects which aim to introduce blockchain technology to real-life businesses. Travala is the latest investment of the EcoFund, as the platform is looking to employ the strengths of blockchain technology into travel bookings.
A Next-Gen Online Travel Agency
Travala is an online travel booking platform which offers access to a number of destinations and transportation options. According to the company website, Travala is a: “Next-Gen Online Travel Agency”. The platform first launched in 2017, and it has become a leader in the industry, offering access to travel bookings in more than 200 countries.
“Blockchain signifies a third evolutionary leap for human connectivity (firstly voice telephony, secondly data transmission), and is now empowering real value exchange between network participants.”
The recent announcement of NEO’s investment in the Travala platform means that the project is going to have an opportunity to develop further. NEO’s EcoFund provides not only financial support but a network of blockchain specialist, who have the ability to introduce new functionalities to the platform.
Blockchain-based travel bookings
Travala is just one start-up focused on developing a blockchain-based bookings platform. There is a growing trend for implementing blockchain technology in such platforms as it creates an additional layer of security and speeds up processing times.
As a decentralized system, blockchain has the potential to reduce the monopoly of travel markets currently in place. Big travel aggregation services and platforms, also known as “gatekeepers” have come to exercise a relative monopoly over the travel booking market, and blockchain-based platforms can change that.
By excluding “gatekeeper” fees, blockchain technology also has the potential to make travel more accessible. This includes both security and in terms of cost.
Travala is genuinely aiming to become a market disruptor, as currently, many of the businesses offering services in the travel industry have to comply with the rules set by online booking platforms like Expedia and Booking.com. On the Travala platform, businesses and customers get to interact directly, thanks to the utilization of blockchain ledgers. Thus, service providers get to offer more competitive prices, as there are no service fees, while customers get to interact directly with providers.
Essentially, blockchain-based booking solves the problem of third-party providers, which makes the services offered on platforms like Travala several times cheaper compared to offers on traditional online booking platforms.
Blockchain-based travel booking has the potential to shift the perspective of customers completely. Currently, big online platforms like the ones mentioned above are the trusted choice when customers are looking to book their next holiday; however, blockchain technology will likely change that. With undeniable benefits like better security, faster processing times, and lower prices, blockchain-based booking platforms will continue to attract more interest from customers and businesses alike.