A hotel reservation system works by processing secure online reservations made through a hotel’s website. The data is then passed onto a backend system which can be accessed by hotels to manage bookings. Other features may come with it – for example, the automation of reservation confirmation emails.
Small hotel managers and owners recognize that technology is key to growing their business and increasing their bookings overtime. To sell rooms to capacity and to appeal to a global audience, a hotel reservation system is required.
However, it can be intimidating to select a system, particularly when so many are designed for large hotel operations and chains.
Well, it is a known fact that the hospitality sector is the second largest contributor to the global travel industry and it is currently dominated by online travel agents. OTA's generate around 70% of online hotel bookings and this has impacted hotel's direct bookings, profit margins and loyalty programs. GOeureka, wants to change the scenario by putting hotels and customers first. Using blockchain technology, GO plans to benefit hotels and customers by introducing commission-free bookings, accepting payment through cryptocurrencies that are devoid of merchant fees, and transforming traditional brand loyalty programs.
GOeureka is a travel tech company utilising blockchain technology to build a hotel booking platform. GOeureka is introducing a patent-pending Re-Booking function for customers to obtain the best value for rooms. When the hotel rate drops, the Re-Booking feature will automatically detect and re-book an existing booking at the lower rate.
GOeureka aims to create a new symbiosis where hotels maintain control over their brand while unlocking value for consumers on its platform.
The GO platform includes the following:
- Website with booking and payment functionalities
- Mobile application for customers and hotels to communicate directly with each other
- A centralized database and server to store Personal Identity Information (PII), customer booking details, and data from hotels
- Utilize Ethereum blockchain and smart contract to generate decentralized GO Tokens and execute payout requests
GO will store the PII, customer booking details, and hotel data off-chain to avoid pushing up network transaction fees and ensuring the immediate execution of user activity. GO will look to move its entire platform on-chain in the future, with the introduction of new blockchain technology (i.e., Raiden) that allows instant execution at minimal to no cost.
GO has a plan to create an online ecosystem in which companies thrive by offering the best services to travelers. As a technology partner of the hotel industry, GO will offer users simple and direct applications and web resources without high commissions on most sites. By freeing resources for hotels, the GO will allow them to offer better customer value and service with their resources.
To decentralise the hotel booking sector and deliver greater transparency by allowing hotels to directly connect with their customers. It aims to provide a dynamic digital experience to users and eradicate the high commission structures imposed by online travel agents. By reducing the financial commitments of hotels to third-party booking platforms.
Problems GOeureka Aims to Solve
- Lack of Transparency Leading to Higher Prices
Inequitable commissions to OTAs ultimately decrease hotels’ margins and increase consumer prices
- Neglected Hotel Loyalty Programs
Consumers miss out accruing points and subsequently free hotel rewards
- Search Bias
The manufactured bias through modified and reordered search results on OTA’s ultimately costs consumers choice and value
- Impact on Hotel Direct Bookings
Online travel agents dominate the sector, driving up to 70% of all online bookings
- High Commissions
OTAs charge hotels 15%–30% commissions, impacting hotel margins
- Lack of Access
Increasing dominance of OTA's limits hotel's access to consumers
GOeureka’s vision for the future of the travel industry is a supportive online ecosystem where all businesses are allowed the opportunity to thrive and benefit from providing the best goods or services to travelers. As a technology partner to hotels, GOeureka intends to provide a seamless web and app experience to users without the high commission structures imposed by current OTAs. The company said it provides an affordable and efficient platform for hotels and consumers to directly engage and transact with each other, removing the inequitable commissions to OTAs that ultimately decrease hotels’ margins and increase consumer prices. These benefits are then passed on to customers. GOeureka is also introducing a patent-pending Re-Booking function for customers to obtain the best value for rooms. When the hotel rate drops, the Re-Booking feature will automatically detect and re-book an existing booking at the lower rate.
Additionally, GOeureka proposes an interoperable loyalty program that will benefit hotels and customers by promoting the hotel's own loyalty rewards program with the option to convert hotel loyalty points into GO Credits that can be used on the GOeureka platform. For consumers who subscribe to multiple loyalty programs, GOeureka’s solution for an interoperable loyalty program could facilitate instant redemptions and exchange for multiple loyalty point currencies on a single platform. Blockchain acts as an immutable and secure ledger of all transactions related to the issuance of GO credits, creating a transparent, auditable supply of loyalty points without the need for intermediaries, the company noted.
The growth of online travel agencies is a perfect example of how new technology can disrupt an existing industry. These online agencies have a huge advantage over the normal hotels since they are able to offer consumers low prices and more options. However, it is not all rosy for the online travel agency; the traditional hotel sector is slowly adopting the online technology.
However, these hotels are still lagging behind. They need to work faster. Otherwise, intermediaries that get them in touch with customers could start making more than them. The GOeureka team thinks they may have found something that will give the hotel an edge over agencies. To do this, they have decided to augment the existing loyalty programs with blockchain technology. The aim of the GO project is to utilize the blockchain to create a symbiotic relationship between hotels and customers. Hotels will maintain control of their brand while customers will get more value at the same price.
A key feature of the blockchain is accountability. Go will use the blockchain to make sure that accountability and transparency are maintained in the ecosystem. Go will replace the pay to play arrangement utilized by most travel agencies. The platform will be unbiased and no commission will be charged on users. On GO, hotels will no longer need to pay for visibility. All displays and search results will be determined by the performance of a hotel and the reviews it gets from its users.
GOeureka Hotel Booking Loyalty Programs
If a hotel wishes to integrate, the GO ecosystem will offer an API where a hotel can link their inventory with the reservation system. There will be guides offered to the hotel’s IT department to make the integration seamless. Go will also integrate with the property management software of a hotel via strategic partnerships. One issue that GO will solve is the disconnected loyalty programs. Today, every airline, car rental service, and the hotel will have its own loyalty program. This makes it hard for ordinary consumers to accumulate enough points to redeem for significant rewards. An integrated loyalty program powered by the blockchain is the future. Go will create an interoperable program that is powered by this technology. Users will have the option to convert the loyalty program points of a hotel in GO credits. With this system, loyalty points earned from a car rental service can be converted into GO credits. This can then be used to pay for a hotel room.
Advantages of The Platform
- Zero Commission.
- Automatic backup function.
- Compatible Loyalty Points.
- Available payment methods both in traditional currency and in the cryptocurrency.
- Ability to use around the world.
Token Sale and ICO Details
GO Token – a unique utility – a sign that works on the platform as a virtual currency. This is intended to facilitate transactions on the GOeureka platform, such as night purchases at hotels, hotel services and the use of a number of other benefits and rewards for travel.
- Token Type: Utility
- Standard: ERC20
- Token Ticker: GOT
- Tokens for sale: 600 million tokens. All unsold tokens will be burnt.
- Token price: $0.10
- Hard Cap: USD$60 million
- Accept: ETH, BTC, USD
- Restricted Countries: USA, China
- Private sale – 30%
- Pre-ICO Phase 1 – 15%
- Pre-ICO Phase 2 – 12.5%
- ICO Month 1 – 10%
- ICO Month 2 – 5%
For more information, please visit:
Whitepaper : https://goeureka.io/#download
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