GoEureka, a travel tech start up from Singapore has today announced that they will be launching their online hotel booking platform at the end of 2018. Unlike your traditional Online Travel Agent (OTA), GoEureka will be utilising blockchain technology to deliver an industry first solution that will disrupt the current OTA business model. Built on top of the Ethereum platform, an open software platform based on blockchain technology that enables developers to build and deploy decentralized applications. GoEureka will challenge the status quo by removing hefty OTA commissions paid by hotels.
The booking engine will also allow users to earn cryptocurrency tokens (Go Tokens issued by GoEureka) for online bookings made on the platform which can then be used for future bookings on the GoEureka portal. “Think of GO Tokens as loyalty points which users can utilise to unlock a range of benefits across our platform. One of the distinctions between our tokens and traditional loyalty points is that GO Tokens will also have monetary value as they can be traded on crytopcurrency exchanges. Having said that, the intrinsic value of our tokens is its utility across our platform” said Manraj Rai, GoEureka’s founder and CEO. GoEureka also plans to enable booking payments through traditional methods such as credit cards and other forms of cryptocurrency.
The company’s goal is to deliver greater transparency in the booking process and drive better value for the consumer by allowing users to transact directly with hotels through smart contracts. Other features the company plans to release is to facilitate interoperability of hotel loyalty points and a rebooking system that will deliver the best possible room rate for travellers. “We have identified a fundamental issue with the current ecosystem where hotels and OTA’s operate in isolated environments. For example, the current user who books on a third-party portal in most cases does not receive the benefits of hotel loyalty rewards. In addition to rewarding our users with Go Tokens, everyone who books through the GoEureka platform will also earn loyalty points directly from the hotel” said Tej Bhuller, COO of GoEureka.
GoEureka will eradicate the current commission model adopted by online travel agents and work on a much more cost effective fixed fee model with their hotel partners. This will decrease the costs that hotels incur when a booking is made through a third party booking engine. Rai commented, “We are not your typical OTA. In fact we are not an OTA at all. Our focus is to work hand in hand with the hotels as a technology partner to deliver personalised solutions that will benefit both the hotel and consumers”.
After a round of successful seed funding, GoEureka has spent the last 12 months working on a beta version of their platform, consulting blockchain experts on their token model and getting everything in place for their initial coin offering. GoEureka will be launching an ICO in mid-2018 and Go Tokens will be made available to the public. Users who buy these tokens will be able to use them on the GoEureka booking platform when it launches. The funds raised from the ICO will be used for a multi territory marketing campaign and to complete development of their platform and prepare it for launch to the public.
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