As the tourism ecosystem failed to take advantage of the rapid transition from offline to online and online to mobile, industry competition reached its peak due to the increase in FIT (Free Independent/Independent Tours) and the emergence of OTA (Online Travel Agencies), and the otherwise poor profit structure worsened.

On top of that, as the travel business was devastated with COVID-19, travel companies without self-sustaining power began to disappear. Group package products, which were the main products of existing travel agencies, have lost their appeal due to the increase in FIT, and card payment fees have become more active in the mobile sector, and the blockchain holds the key to reducing fees as a new profit model.

Since virtual currency combines and utilizes blockchain technology with fintech and P2P structures, it replaces authentication methods such as Active-X and public certificates required for existing online transactions, and does not need to pay fees to intermediate traders or wait for approval from other institutions for final settlement.

In addition, money transactions can be made anywhere in the world 24 hours a day without going to the bank through the P2P network. This means that it can be used as a decentralized global currency that allows transfers anytime, anywhere without currency exchange and transaction fees for travel-related companies dealing with domestic and foreign travel destinations.

An example of a blockchain in a travel company is "Cool Cousin," an Israeli P2P travel platform. Coolcuzen will filter out general advertisements through blockchain technology and provide its own virtual currency CUZ when travelers update accurate local information, establish a three-way business agreement with CoinPlug, shared accommodation platform WeHome, and Seoul Transportation Corporation, and Yanolja will integrate blockchain-based travel agency with AI-based blockchain. In addition, the global travel platform Agoda also allows accommodation reservations with more than 30 virtual assets such as Bitcoin, Ethereum, and Binance Coin through the MOU with Travala.com, a virtual asset reservation platform of blockchain company Binance.

About Trip Chain Token

The TRIP Chain platform system will strengthen security for personal information such as travelers and guides managed using blockchain technology, and important information such as travel schedules and travel information, and maximize scalability by dividing information requiring anonymity and transparency. In addition, the system will be created as a free space led by free travelers.

Users will be compensated for TRIP tokens according to the blockchain token reward system, and they can receive revenue distribution for the platform business by staking the token.

In the TRIP Chain platform, the scope of information access varies depending on the permission to use, and individuals upload travel information and acquire TRIP tokens through community activation, and corporate partners can create their own service links or new services through processed solutions. The API in the solution will be provided with all Building Blocks and will be readily available to users.