The project, which is based on the blockchain technology, allows hoteliers and private property owners from around the world to rent housing, receive payments, and manage the booking without intermediaries and additional fees.
The decentralized and free "LOC Travel Engine" combines the information about hotels and free rooms and prices in one universal solution. The platform has an open source, to which users can easily connect any third-party application. This approach allows them to provide travel services without commission. Today booking platforms usually charge a fee of about 20%. This board is entirely related to the intermediary. This means that guests pay higher prices, and hotels get less money. LockTrip aims to create a 0% commission system, which will lead to a 20% price reduction. By February 2018, LockTrip launched its platform with 100,000 hotels worldwide. Their alpha platform now includes wallet management tools, a check-in and check-out process, as well as hotels that are 20% cheaper than other online reservations.