It is estimated that the travel and tourism industry generated approximately $7.2 trillion in 2016. Online bookings constituted a large chunk of that revenue. However, as things currently stand, due to the centralized travel conglomerates that dominate this industry, most people must pay hefty booking fees on all of their transactions.
Most of today’s online booking platforms have been vested with so much power that they are able to issue, on average, a 30% fee on each transaction that they process. Up until now, it has been extremely difficult for independent players to enter the tourism market, but with the advent of blockchain technology, this sector seems ripe for crypto-based disruption.
Travala.com is an all-new exchange platform that has been designed atop the NEO blockchain. The platform benefits vendors, as it gives them the power to lower their operational costs and thus offer competitive pricing to consumers.
As a result, independent travel companies are able to retain a higher profit margin while making use of a system that is transparent, safe, and free from any third-party influence. Additionally, Travala.com deploys a safe channel for making bookings as well as other purchases related to the travel and tourism sector.
Overview of the platform
- Owing to its use of the NEO blockchain, Travala’s native processing module is able to facilitate instant transactions between users. According to research, NEO can support up to 1,000 TPS (transactions per second).
- Travala.com features a dispute protocol that allows users to sort out any issues with their bookings in a hassle-free manner.
- A key aspect of this service is that it provides customers with transparent and accurate reviews that cannot be manipulated or edited. This ensures that only honest feedback from genuine customers is visible on the website.
- Travala employs peer-to-peer communication channels between vendors and consumers, thereby eliminating the need for financial intermediaries.
- The platform is highly visually oriented and thus enables customers with varying degrees of technical prowess to navigate the UI.
First and foremost, Travala makes use of a blockchain-driven environment that helps it control and automate systematic errors which are embedded in today’s conventional booking systems. Blockchain technology not only allows for added transparency and honesty when it comes to reviews, but it also enables Travala to never double-book a single travel request.
Overview of the Travala ecosystem
In a similar vein, Travala is designed to minimize the risk of payment chargebacks, as well as reduce the number of issues related to customer data misuse—since all user-related data is stored within a decentralized storage system.
Regarding monetary settlements, the platform serves as a medium of exchange and is thus able to facilitate payments in real time. All financial transactions are instantly settled and continuously audited for maximum fairness and transparency.
App interface employed by Travala.com
Here are a couple of other key aspects of Travala:
- An automated system governs the distribution of rewards among customers who reach certain spending targets.
- The risk management system employed by Travala can assimilate customer travel locations so that in the case of a calamity, swift remedial measures can be taken.
How It Works
Travala.com serves as a marketplace that provides customers with a transparent, simple platform for booking:
- International/domestic tours
- Property exchanges within the travel and tourism industry
Through the creation of an interactive purchasing and exchange platform, Travala helps reduce unwanted fees and hidden costs for all users while considerably increasing the level of service and accessibility.
Payment procedure employed by the platform
By offering users with a P2P communication module, this platform helps facilitate seamless interactions between vendors and consumers. Also worth noting is the fact that Travala imposes a minimal charge on all bookings—especially when compared to the major travel operators that exist across the globe today. Not only that, the platform charges 0% booking commision fees for vendors, thus allowing independent operators to flourish and offer competitive tourism services.
Diagrammatic representation of how the system works
Travala utilizes a ledger system called AVA that operates autonomously and makes use of smart contracts to streamline the process of making bookings. Here’s how it works:
- A booking is placed in line with the company’s booking confirmation policy and check-in requirements.
- A deposit holding is then made which is only released upon checkout.
- Once a transaction has been completed, customers have the option to manage their bookings as well as view their profile history and reputation.
- Once the process has concluded, users have the ability to write a review of the services that have been provided to them by the vendor.
- In the case of an issue, the ‘dispute trigger’ is initiated and the problem at hand is addressed in accordance with the smart contract terms that were defined beforehand.
About the Team
Adam Chaplin is the founder and CEO of this venture. He boasts strong business credentials which include stints at high-profile travel projects such as:
- Club Class Holidays—currently operating in Thailand, Indonesia, and Singapore
- Walkers Whisky and Resort Vacations
Steve Hipwell is the CMO and founder of this project. He describes himself as a “marketing guru and a serial entrepreneur” who in the past has founded and directed multiple vacation property sales businesses from the ground up. Steve has been in the Bitcoin domain since the early 2010’s and specializes in blockchain development.
Matthew Lopez is the CIO, CFO, and co-founder of Travala.com. Matt has had a noteworthy business career and has been involved with projects spanning a host of different sectors including:
- Real estate
- Venture capital
Having been on the market for just under a week, it is difficult to assess the future potential of Travala’s native currency (AVA).
AVA token lifetime performance data (courtesy of CoinMarketCap)
As of June 4, AVA possesses a market cap of US$7.76 million. A total of 61,571,086 AVA tokens have been minted, out of which 26,853,830 are currently in circulation.
With Travala.com aiming to provide the global travel market with a transparent, secure and safe system for making bookings and purchases, it will be interesting to see how the project evolves from here on out.
If you would like to start investing in Travala, AVA trading pairs are currently available on Switcheo Network.