How can blockchain make travel booking safer and less costly?

Travel blockchain in Bulgaria

On March 18, 2021, blockchain travel startup LockTrip announced the closure of a $4.1M investment from Webjet, a Melbourne-based travel industry company known as the second biggest accommodation provider on a global scale. After the deal, Webjet acquired 25% of LockTrip’s stake, as well as the intellectual rights over the startup blockchain solution, with the two companies announcing the opportunity for additional funding, amounting to $4.2M that would be associated with the Australian company acquiring another 26% of the startup, on condition that Webjet integrates the LockTrip solution with all of its online travel agency websites.

Eliminating the third wheel in travel servicing

Established in 2017 by Bulgarians Nikola Alexandrov and Hristo Tenchev, who is also Co-founder of XS Software and SoftUni, LockTrip aims to eliminate third-party agents such as Booking.com from the travel arrangement chain by gathering tourist operator travel offers on its platform that can be purchased by clients using the LOC currency of the company. The personalized offer suggestions appear based on their discount score in comparison to other travel suggestions, thus pushing upward in the search results the most discounted offers, which are, according to company claims, around 20% cheaper on average, compared to Booking offers, with some of the offers displayed at up to 60% lower cost. At present, the LockTrip platform covers over 2.1 million properties and 1000 airlines in 190 countries.

What is next for LockTrip?

The deal is accompanied by changes in the board of directors of LockTrip, as John Guscic, Managing Director of Webjet Ltd., and Lynne Oldfield, Director Corporate Development of Webjet Ltd. are stepping in as members. In a blogpost, LockTrip shared the importance of their relationship with the Australian company, describing it as “more of a marriage than an investment”, underlying this, as well as the stable financial positioning of the company as the reasons for declining VC partnership offers.

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