The platform currently features 600 short term rentals that, thanks to direct interaction between the guests and the hosts, offer 18% lower prices than those found at centralized marketplaces like AirBnb. LockChain has secured partnerships with around 100,000 hotels around the world in late 2017, and all of them will be added to the platform by the end of February 2018.
“Booking.com and Airbnb.com charge on average 20% from each booking that is made through their platform. Our plan is to utilize advanced blockchain technology and to cut out any commissions. It is the right of the host to receive the full amount of the money for the investment that they are making, and it is certainly the right of the traveler to be able to pay directly to hosts for their travel experience,” LockChain.co CEO Nikola Alexandrov stated.
LockChain is the first company to introduce a blockchain-based solution to the global accommodation industry, which is currently estimated at $500 billion. The platform’s native token of LOC is utilized to ensure p2p interaction between the parties involved in accommodation deals. After a successful tokensale which raised 10,500 ETH from around 4,500 contributors the token’s price has grown by 600%. It is currently listed at several cryptocurrency exchanges such as HitBTC, Etherdelta, Mercatox, and Gatecoin.
Listing properties on the LockChain marketplace is Free for hosts – regardless of the number of properties and generated revenue.
The alpha version will feature a personal LOC/ETH wallet linked to the profile, a real-time multicurrency support, and a dynamic search for available property offers, among other things. The full list of active features is available in the company’s official blog post announcing the release.