Tripio Intends To Restructure Hotel Booking With Blockchain
Tripio is the first travel booking marketplace based on digital ledger technology to combine the global consumer with services providers.
Founded in early 2018, the startup intends to use its travel services platform to restructure hotel booking protocol with blockchain technology and so solving problems of inaccurate updates on room status, high commission, or false reviews.
Tripio is a product based on Ethereum’s smart contracts. By leveraging the developed and Turing-complete programing language evolved into the Ethereum blockchain, Tripio redefines transaction models and state transition function rules, and thus construct several smart contracts to influence travel services in unique and innovative ways.
Tripio uses the Ethereum distributed ledger to build the credit system. It lets all members in the system collect credit based on ‘good’ behavior. Everyone can view a person’s public records and decide whether they are credible.
The company alleges that its credit system is global, automatic, transparent, and decentralized, working in tandem with Tripio’s other decentralized systems.
Every time a transaction, dispute, compensation request, or audit happens, smart contracts renew the credit ratings for all participants involved based on their performance. The service provider and consumer reputation score are also updated, taking into account the service quality and results.
On the Tripio platform, there is no agent fee if the transaction is made using the TRIO tokens. If a separate payment method is used, Tripio imposes a currency conversion fee. Nevertheless, by excluding the agent layers, transactional overhead is significantly decreased.
Consumers may utilize legal fiat currency or digital currency to buy-service in the marketplace. Tripio’s transaction system will execute transactional processing based on the demand of both consumers and service providers.
For instance, a particular smart contract may hold the payment until service is provided and approved by both sides, and consequently, make payment in a designated currency.
Transaction data is fully available and not regulated by any central party. Blockchain allows an opportunity to create new platforms that can combine travel providers and clients directly, therefore replacing many systems based on decades-old technologies.
Upon fulfillment of a transaction, participating parties may rate each other, optionally with encouraging reviews. Rating and review information is collected on the blockchain. These reviews and ratings form the basis of credit scores for all participants in the Tripio ecosystem.
When conflicts arise during services, such as broken WiFi service or damaged furniture, an automated process propels in to form an arbitration committee to resolve the dispute. An arbitrators’ voting power is defined by her reputation and number of TRIOs held.
With the arrival of blockchain technology, people can reserve lodging anywhere in the world for vacation or business for a much lower price. Tripio’s “No Commission” model not only encourages consumers to save money but also enables service providers like hotels, homestays, airlines, individual hosts, etc., an effective solution to directly sell their stocks.
As Tripio’s ecosystem produces more consensus in its community, the expanding network effect will further enhance the influence of the Tripio protocols.