Travel Giant Webjet (WEB:ASX) Enters Crypto through an Unprecedented $4.1M Deal with LockTrip.com – Sponsored Bitcoin News

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Australian supermarket Webjet recognizes LockTrip’s potential value to the blockchain startup and joins its mission by securing the rights to 51% of its shares in a unique deal in the blockchain space.

Summary of Article

  • Travel industry leader Webjet Limited invests up to $8.3 million in LockTrip.
  • John Guscic, Group Managing Director ofWebjet, and Lynn Oldfield, Director of Corporate Development, join the LockTripBoard of Directors.
  • Webjet integrates LockTrip.com marketplace and LOC economy into its online travel agency (OTA) sites in Australia and New Zealand
  • Webjet and LockTrip investigate migration of Rezchain booking verification system to Hydra Chain

Melbourne, Australia-based Webjet (WEB:ASX) has announced that it will enter the crypto space through a strategic marriage with blockchain-based travel marketplace LockTrip.com. In addition to its product that offers up to 60% savings over traditional booking sites, LockTrip is also known for developing and launching the fast-growing Hydra blockchain, which specializes in connecting real-world businesses.

Introduction to Webjet

Webjet, through its WebBeds division, is the world’s second largest provider of hosting services to the travel industry. Through its many business-to-business wholesale brands, the company serves more than 44,000 customers worldwide and operates in more than 50 countries. This includes a broad profile of businesses, such as travel agencies, online travel agencies and other wholesalers.

Brand inventories of Webjet:

  • Destinations of the World (DOTW)

In addition to wholesale deliveries, Webjet also dominates the OTA market in Australia and New Zealand through its retail websites https://www.webjet.com.au/ and https://www.webjet.co.nz/. The company is currently listed on the Australian Securities Exchange with a value of over A$2 billion and has booked total flight/booking transactions of A$3 billion for 2020.

It is therefore all the more significant that such a giant and industry leader is entering the crypto space with LockTrip, a well-known and established blockchain-based company and its LOC token.

Marriage, as Nikola Alexandrov, CEO and co-founder of LockTrip, calls it, has a unique structure. He comments:

The LockTrip/Webjet deal is a testament to how traditional tech giants are recognizing the potential of blockchain technology. Among the many synergies, perhaps the most unique feature of the deal is Webjet’s commitment to integrate the LockTrip marketplace into its OTA sites. If this condition is met, the LOC economy will be fueled by the existing activity of a global superbrand with millions of active users. This transaction is therefore unprecedented in the blockchain field.

Supercharger LOC Economy

According to LockTrip officials, each booking on the marketplace results in the purchase of a LOC token on the exchange and its permanent burn, which is equal to 3% of the booking price. So the firm offer is less than 18.6 million. The LOC is turning it into a deflationary economy. It is also possible to pay travel bookings directly with LOC to take advantage of the lowest prices on the market.

The agreement now aims to extend the LOC burn mechanism to Webjet’s key OTA brands in Australia and New Zealand, leveraging the economic benefits of three different tourism markets. If the integration succeeds, it will be a big step forward in making the cryptocurrency sector a real business.

According to the announcement, LockTrip.com will continue to grow as a travel marketplace and brand for the global marketplace, allowing users around the world to save up to 60% on travel bookings by cutting out the middleman and commissions.

Commenting on their investment decision, John Guscic, CEO of Webjet, said

We contacted the founders of LockTrip in early 2019 to hear their take on blockchain as Webjet gets started with Rezchain on Blockchain. From the beginning of the conversation, we were impressed with how the founders tackled the known problems of public blockchain, and felt they had an opportunity to change the game by leveraging the fundamental features of blockchain to improve the hotel distribution landscape.

It goes on:

After becoming aware of the exciting potential Locktrip and Hydra have to offer, we began to explore the deeper relationship that led to today’s announcement. We are excited to partner with the founders of LockTrip to bring innovation to consumers and travel providers.

Potential migration from regeneration to the Hydra chain

The synergies of the transaction go far beyond the integration of the LOC economy into the Webjet OTA. A more important element of the deal could be the migration of the booking verification system from Rezchain to Hydra’s blockchain.

Webjet is investing in a commercially viable project called Rezchain, which aims to prevent data errors between different suppliers and intermediaries. Rezchain is a private blockchain system with 100% centralized nodes that is fully functional at this time. This critical infrastructure can now be migrated to Hydra’s decentralised chain infrastructure.

According to MasterPlan, LockTrip’s long-term mission is to address the travel industry’s pressing problems: inconsistent data, fragmented supplier relationships and inefficient distribution.

These are precisely the key challenges we wanted to address with the introduction of LockTrip. To some extent, Rezchain has also tried to solve the same problems as LockTrip. It would make sense to cooperate with Webjet. says Nikola Aloksandrov.

LockTrip’s long-term goal is to bring to market a distributed travel inventory database that could solve many of the problems described above. The development of the Hydra chain has also contributed to this long-term goal, as it provides all the necessary elements. Some of them are:

  • Fixed transaction costs in US dollars
  • Portfolio-level scalability (parallel transaction processing allows one portfolio to process hundreds of transactions per block).
  • Network-level scalability with an elastic transaction capacity of up to 540 TPS.
  • Support for turing complete smart contracts
  • Gas money for makers of smart contracts
  • Level 2 solution for Big Data

Earlier this year, Hydra was launched as a blockchain that provides a platform for real businesses to join the crypto space. Fixed operating costs and gas charges for businesses were cited as key features.

Lynn Oldfield, director of business development, Webjet, comments:

Public blockchains are generally slow, resource intensive, and unpredictably priced. With the launch of the Hydra channel, LockTrip’s founders offer a robust and scalable platform for real commercial applications, and we are excited to invest with them in developing these capabilities.

If the integration is successful, Rezchain will be the third real company built on Hydra. In addition to Rezchain and LockTrip, a third project called Evedo (Token EVED) has also announced that it will be switching from Ethereum to Hydra later this year. Evedo wants to revolutionise the events industry by bringing parties into direct contact with each other and abolishing commissions.

The greatest long-term potential of a LockTrip, Hydra, and Webjet deal lies in the latter scenario:

Tokenize tourism assets and thereby link different suppliers, hotels and markets through a distributed and globally accessible tourism database.

This is an ambitious vision that could bring about a huge economic change in the sector. It remains to be seen whether the team will succeed. The online travel industry has grown to over $700 billion by 2019. The collapse of such an important sector will certainly not happen overnight. But with Hydra, they built the tools to do it. And with their new partner Webjet, the world’s second largest travel provider, they are now well positioned to do just that.

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