Discover how GOeureka’s blockchain hotel booking platform is unlocking new value for hotels and consumers globally.
SINGAPORE – 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 aims 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.
"GO aims to create a new symbiosis where hotels maintain control over their brand while unlocking unprecedented value for consumers on its platform," said Manraj Rai, CEO of GOeureka. "GO'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."
According to global research consultancy firm Frost & Sullivan, the total addressable market for blockchain is expected to reach US$2.31 billion by 2021. Both physical and intangible property can be maintained in blockchains, and smart contracts would allow seamless execution. Having a digitized service for payment will reduce human intervention and the cost for a payment transaction.
As a technology partner to hotels, GO intends to provide a straightforward web and app experience to users without the high commission structures imposed by current OTAs.
"We provide 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," said Rai.
These unprecedented benefits are then passed on to customers.
"GO 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," Rai added.
GO also 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 GO platform.
"For consumers who subscribe to multiple loyalty programs, GO's solution for an interoperable loyalty program could facilitate instant redemptions and exchange for multiple loyalty point currencies on a single platform," Rai said. "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."
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She holds a Bachelor's degree in Communication & Mass Media from Panteion University of Political & Social Studies of Athens and she has been editor and editor-in-chief in various economic magazines and newspapers.