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Booking Giant from Australia Announced Investment in Travel Marketplace Based on Blockchain

With cryptocurrency and blockchain experiencing significant growth, the industry is getting adopted by several sectors from around the world. Over time, several mainstream sectors have tried adopting cryptocurrency technology through innovation and with new ideas.

The major reason behind the adoption of blockchain technology is to bring in more traffic. At present, the number of active users in the crypto-verse is more than 106 million. This means that companies doing whatever they can to attract these many people to use their services and pay in cryptocurrencies.

Nowadays, cryptocurrencies have become a common currency that many people are using to pay for services they acquire from an online store, a physical vendor, or a shop.

As the utility of cryptocurrencies continues to grow, major firms and sectors have also started doing the same. When it comes to sectors, even the traveling and tourism sector is not letting the opportunity go and is adopting cryptocurrencies for more customers.

Recently, a collaboration was announced between two major traveling sites. On Thursday, April 22, 2021. The partnership deal has been announced between Webjet and LockTrip. The name of the online travel agency, based in Australia is Webjet, which is one of the top online platforms for tourism in Australia.

On the other hand, the name of the blockchain-based marketplace is LockTrip. With their partnership, both agencies are aiming to bring in more crowds, a huge catalog of packages, and products for the customers.

This way, both marketplaces will be able to target more people and offer products that would generate more funds for the companies.

The online booking agency, Webjet has confirmed that for the initial phase, it will be making an investment of $4.1 million at LockTrip. By doing this, the firm aims to carry out the integration of LockTrip’s LOC blockchain on its own platform. The platform also aims to offer the products currently being offered on LockTrip’s blockchain-based marketplace.

Once the initial investment requirement of $4.1 million has been met, Webjet will go ahead and look into the possibility of building its own blockchain-based platform for the users.

Webjet has confirmed that it will be working to launch its own blockchain-based platform that it has dubbed Rezchain. The Rezchain will act as a system used for verifying booking transactions. The system will be migrated to the decentralized platform of LockTrip. The protocol that LockTrip currently has is the proof-of-stake consensus and is called the Hydra Chain.

This move would not only prove beneficial for Webjet but would also prove very promising for LockTrip. With the integration, LockTrip will be able to make its way into a wider market such as hotels, travels, flights, and much more that it will be able to tokenize.

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