The Covid-19 pandemic has disrupted almost everyone’s life, livelihoods and whole industries worldwide, especially the travel industry. Now the United States of America is opening up again for travel, as of the 29th November 2021. The 20-month travel ban was finally lifted that barred nationals from over 30 countries from entry into the United States’ territory. Of course, things could change at any moment with the advent of the new variant of Covid-19 that was first detected in South Africa with infections tabled from several countries around the world.
Regardless of this, some countries significantly hit by the pandemic that rely on tourism for their economic stability are being forced to make hard decisions in this difficult time. However, with the growing travel demand again, the prices for travel-related services are at their heights. Prices for gas, plane fairs, and hotel accommodation are reaching unprecedented highs. Travelers are scrambling to snatch any deals that may still be available in these uncertain times.
Blockchain to the rescue
The price changes in the travel industry can be tricky to stay on top of. Blockchain can help address these changes. One company has launched in an attempt to fix this problem and capitalize from it as well. BitBook has launched some weeks ago, in October. The platform offers members booking options to travel and also earn cryptocurrency. The platform is giving back to those travelers that are using their platform to make their bookings. They are also rewarding travelers who invite new users to BitBook. On top of that, the platform is also allowing users the opportunity to earn if they make engaging content.
What is the focus of BitBook?
Bitbook has its attention on its community. They focus, in a special way on making the user experience significantly rewarding as their users do a task they already planned to. With all the unique selling points presented, the platform has ensured that the would-be traveler has a large enough selection of airlines, car rentals, and hotels to choose from. So far, Bitbook has access to at least 400,000 hotels. It also has access to 300 airlines. In terms of car rentals, BitBooks gives its users access to Hertz and Sixtz.
Going Head-to-head with the giants
Two of KuCoin’s former executives are among the founders of BitBook. The platform has a lot going for it including its technically experienced founders. The team decided to create this solution when they looked at how travel was being done. They saw a gap when they realized that blockchain had the potential to be extremely competitive in an industry with old but high-performing incumbents. These incumbents include Expedia group and Booking holdings. These two platforms alone are responsible for at least 90% of the industry’s market share.
As it previously stood, hotels are made to pay huge sums towards commission on these platforms. This commission can be pretty hefty and is sometimes about 30%. In addition to the commission fee, hotels must also pay 3-5% for processing payments. All these costs make business more challenging, especially for startups interested in joining the space. The team saw this gap and decided to disrupt the whole industry. They used no venture capital and are focusing on growing their community. Their strategy is different and perhaps why they may succeed. They are also forming useful partnerships to increase their offerings. These partners include Priceline, among others.
The Future of Travel
As users earn BBT tokens when they book their trips through the platform, these users can also make money by staking. With the recent announcement of their “Create and Earn” offer. Bitbooks intends of keeping these rewards going for the next 20 years.