One of the important features of living creatures as recorded in science is movement, man, being a higher animal have taken migration to the next level, we now travel in search of many things. Our ancestors migrate in search of basic things in life such as food and water, they change geographical location when there is any form of threat to their survival. In the 21st century, reasons for traveling is now broad, it could be because of job opportunities, education, fun, health, marriage, research, business, and conflict -these are reasons that necessitate regional and intercontinental migration.

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The rise in the tourism sector of the world’s economy has led to an increase in movement, usually for holidays and fun. The primary factor that contributed to this is an increase in the disposable income of many countries, especially in Europe, America, and Australia. Tourism and traveling sector is booming and it is expected that it will take a share of 11% in global GDP by 2027. An industry that contributes $7.6 trillion (direct and indirect) to the world’s GDP in 2016 is worth every attention. According to Statistica, United States of America had annual revenue of $135 billion from this industry in the year 2018.

Decentralized Blockchain Create Economy of Abundance

Similar to the oil and gas sector, transparency in travel and tourism is tending towards zero, and ease of doing business is unnecessarily high. To increase trust level, blockchain is currently the only tool that can enforce rules using smart contract, this will gradually eliminate the middlemen who are agents of mass extortion. More than ever before, air crafts are getting better, accommodation is getting modern, cars are becoming smarter, hotel services have been modernized, but the techniques of conducting business in travel and tourism remain the same.

If everyone is thinking the same way, someone is definitely not thinking

As long as online travel agencies (OTA) exist, the following problems will continue to permeate the industry; unfair pricing, exposure to forex market fluctuations, high cost of a transaction, long payment refund process, poor communication, fraud, time wasters, and inefficient middlemen.

Let’s Talk about Tratok as a Solution (TaaS)

Tratok is a revolutionary and decentralized token built on the ethereum blockchain, it was created to solve above problems that have plagued the multi-trillion dollars industry for far too long. The greatest challenge of the financial service industry is the lack of transparency and high cross border transaction charges. Since they render service to the traveling and tourism industry, it is expected that travelers and tourists would be at the receiving end. The good news is that it will cost less than $0.05 to make a payment that is as high as $20,000 using Tratok cryptocurrency. This is the smallest fee ever, as far as the industry is concerned, it is very much unbeatable. Also, it is important to harmonize these fees, because it varies, and a difference in charges between two agents could be as high as $23, this is no longer acceptable in the modern age.

Fraudsters

In 2017, the United States of America lost a whopping sum of $21 billion to fraudulent activities in this sector, there were cases of fake hotels, hyper inflated room prices, and dodgy tickets. Based on the expert prediction, the loss is expected to rise to $25 billion by the end of 2020, except the activities of fraudsters are properly checked. Really, being careful is never enough as criminals are oftentimes a step ahead of the game. A distributed ledger technology (DLT) and an immutable platform that unites all industry players is the only way forward. Tratok uses sophisticated identity verification protocol that permanently records users’ identity on the blockchain, this way, the probability of fraudulent activities is barely 0.001, nearly impossible.

Transparency in Travel and Tourism

Isn’t it laughable that consumers are charged to get useful information that could possibly influence their decisions when this information can be made available for free? It is customers’ right to have access to this information with a few clicks of a mouse. When there is a direct link between service providers and users, the cost is significantly lowered and profit increases, as traveling and tourism become affordable, the industry will experience growth in patronage.

What Tratok provides is a flat fee, transparent enough to satisfy everyone. The era when OTA take up to 30% commission, demanding 70% control of inventories, yet delay payment of trades receivables is over. The federal cartel officers are trying their best to curb these practices, but their efforts are not enough. Rules that are taking several decades to be fully enforced will now be enforced using Tratok blockchain technology.

Finding It Hard To Reclaim Your Money?

The electronic reservation system has made it hard to reclaim the payment in case of cancellation, this is because there are too many parties along the chain. Clients would have to bear the burden of reclamation charges, this is absurd. Tratok is a single payment gateway that guarantees minimum transaction fees, transparency and instant money transfer. Refunding could be done in less than 10 minutes from the time of application. What else could be better than this?

The comfort of the consumer is as important as profit.

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John wanted to travel to Singapore, but getting to the airport, he received a call that his grandmother suddenly fell and she is now on life support, this broke his heart, it means that his tour would be unavoidably canceled. So he tried to reach his travel agency, having made his intention known to cancel his journey, there was a promise to connect him with the relevant personnel that would help him. It took several hours for his support ticket to get worked on. Finally, he got the phone number of the right person after 72 hours of waiting. Making Madagascar-Singapore calls comes with high cost, despite this, they are yet to make right amendment on his booking because he did not have all relevant information at his fingertips or his booking is yet to be found. This process is very expensive, archaic, time-consuming and frustrating.

In 2018, John found Tratok through LinkedIn, he followed through to the website and registered immediately. When he found himself in a similar situation with hotels listed on Tratok, he opened a support ticket on the platform and every problem he had with his booking got resolved in less than 10 minutes. He selected the booking on the platform, entered important details and relevant party attended to it immediately.

This saved time, money and unnecessary stress, John shared his experience with his family and friends, they all registered and got rewarded for being part of the first 1 million users. Stories of all travelers should be similar to this!

Conclusion

As at the time of writing this article, there are 17 other cryptocurrency projects that focus on providing blockchain solution to travel and tourism industry, but after a thorough background check on them and communities associated with many of them, only a few have the vision that is similar to Tratok’s. It is a surprise that only one has created a custom blockchain, despite huge market capitalization of 80% of these tokens. Tratok is already working on it main-net despite the challenges in the industry, it is a big plus.

The future is here, and the travel and tourism sector cannot be left behind as the world move from centralization to decentralization. Tratok is more than a token, it is an Ecosystem!

Recources

https://tratok.com and https://tratok.net/