At Trippki they love traveling, and they love the travel industry, but more and more the space has come to be dominated by middlemen who extract a significant portion of the value transfer for themselves. They want to change that. They want the value to be shared between those that really matter – the guests and the hotels. The premise is simple, once guests have completed their stay they receive a kickback in the form of the native Trippki token, TRIP. TRIP are reward point tokens, but as crypto assets they can be spent or traded at the owner’s discretion. So they are unlike any other reward system. Each TRIP given as a reward is recorded in the rewards ledger allowing users to build reputation on the platform and with specific hotels. This gives the traveler freedom whilst allowing hotels to tailor specific offers to their customers.
Hotel booking has become increasingly centralised and is dominated by a small number of OTAs. While on the surface they provide convenient aggregation portals, in truth they distort the free market in travel accommodation. This results in a sub-optimal marketplace with low margins, high commissions, low customer retention and difficulty in reaching new customers. Hotels want to have a direct relationship with their customers. That’s how they can offer their guests the best service and the best deals. Reward systems offer an answer, but hotels are struggling with how to implement a reward solution that really works, something that creates true value and ultimately builds loyalty with their guests. Current reward systems are expensive to run, have a low usage, are proprietary and do not encapsulate value and are not transferable.
Trippki replaces the traditional closed silo model with an open protocol powered by an Ethereum based token system. In the Trippki model, part of each booking payment is converted into TRIP tokens which are given to the customer as a loyalty reward. TRIP token’s data persistence and immutability is provided by the Ethereum network, granting a built-in system of reputation that allows hotels to tailor specific, reputation based, offers to their guests.
The TRIP token value is derived from access to a cost-efficient universal loyalty points travel economy. TRIP is a cryptographically secure and decentralised token. TRIP is a crypto-asset that is robust and redeemable at the holder’s discretion, unlike any other reward point. For customers, TRIP has immediate utility as it can be used to pay for hotel bookings and services on the Trippki platform. Over time, customers can build reputation on the platform, allowing hotels to serve them with bespoke offers, hence forming a direct relationship with their guests.
Current State of the Industry
When the world wide web started gaining adoption in the early 1990’s one of the first industries to be disrupted was the high street travel agent, as airlines could simply reach out and sell seats through their own platforms, resulting in many retail travel agents closing down. For hotels the internet meant that, for the first time, they too could also reach out to the consumer, but it was a poor user experience as the onus was on the customer to spend their time on research. The Online Travel Agent (OTA) solved this problem by providing the customer with the tools to research and select hotels according to their budget. Hotels could now reach customers through a cost effective distribution channel.
Issues within the marketplace include:
- High Commissions: Hotels pay between 10-30% to OTAs which cuts straight to their bottom line and results in a poorer customer experience as there is less revenue for hotel improvements, staff remuneration and customer discounts.
- Brand Hijacking: OTAs use the commissions they take from hotels and spend it on massive marketing budgets to compete with each other to get customers to utilize their platforms. OTAs then blatantly hijack search keywords on Google et al. to leverage hotel brands and to drive consumers to their websites.
- Rate Parity: OTAs commit hotels to what are known as Rate Parity Agreements, to ensure that rates are consistent for the same product across all channels, displaying cartel like behaviour in this respect. This means that no matter what channel the con sumer uses, whether it be an OTA or with the hotel directly, they pay the same price. Undercutting in rates is believed to cost hotels $1b per year.
- Indirect Relationships: Consumers have a better experience when not having to deal with intermediaries, as the end supplier takes responsibility for the service they are providing. Hotels are in the business of providing a rewarding experience to their guests and can better achieve that through a direct relationship with their customer.
Trippki Ecosystem Architecture
The remainder of this section provides an explanation of the components of the ecosystem and how they interact. Trippki is designed to evolve into a fully decentralised autonomous economy. The TRIP token as well as other fundamental components are fully decentralised from the start. This will include an identity service to encapsulate the connection between cryptographic pseudonymous identities (ECDSA* keypairs) and hotel customers accounts. Initially the higher level aspects of the ecosystem, such as the User Interface, will be hosted centrally, but once the MVP is out, releasing Swarm and IPFS versions is on our roadmap. The Trippki ecosystem is represented in the diagram below and is comprised of the following layers:
1. Application layer
2. Integration layer
3. Exchange layer
4. Framework layer
Hollis Hedrich – INDUSTRY EXPERT
Paul Gordon – INDUSTRY EXPERT
Bill Purves – CHIEF FINANCIAL OFFICER
Ed Cunningham – CHIEF EXECUTIVE OFFICER
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