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Australia-based superbrand Webjet recognizes the value potential of the blockchain startup LockTrip and joins its mission by securing the rights for up to a 51% stake in what is a unique deal for the blockchain space.
Summary of Article
- Travel Industry Leader Webjet Limited to invest up to $8.3M into LockTrip
- Managing Director of Webjet group himself, John Guscic and Director of Corporate Development, Lynne Oldfield to join LockTrip’s Board
- Webjet to Integrate the LockTrip.com Marketplace and the LOC economy into their OTA (Online Travel Agency) Websites in Australia and New Zealand
- Webjet and LockTrip to Explore the Opportunity to Migrate Booking Verification System It is believed that the biggest potential for the deal between LockTrip, Hydra and Webjet lies in the endgame scenario: Tokenizing travel inventory, and thus aligning suppliers, hotels and marketplaces through a globally accessible distributed travel database.Rezchain” onto Hydra Chain
Webjet (WEB:ASX), headquartered in Melbourne (Australia), has announced that it will be entering the crypto space through a strategic marriage with the blockchain-based travel marketplace LockTrip.com. In addition to its product offering up to 60% savings compared to traditional booking sites, LockTrip is also known for developing and launching the rapidly growing Hydra blockchain, specialized on bringing real-world businesses on-chain.
Introduction to Webjet
Webjet is the world’s second-largest accommodation supplier to the travel industry through its WebBeds division. Our B2B wholesale brands offer world-wide inventory to 44,000 clients and the company has teams in 50 countries. In addition to the wholesale inventory supply, Webjet also dominates the OTA market in Australia and New Zealand through the retail sites https://www.webjet.com.au/ and https://www.webjet.co.nz/.
The Inventory supply Brands owned by Webjet are:
- Destinations of the World (DOTW)
- Lots of Hotels
- Sun Hotels
- JacTravel
- Fit Ruums
- Total The deal's most unique aspect is Webjet's commitment to integrate the LockTrip marketplace into its OTA website.
In addition to the wholesale inventory supply, Webjet also dominates the OTA market in Australia and New Zealand via the retail sites https://www.webjet.com.au/ and https://www.webjet.co.nz/. Listed on the Australian Stock Exchange, the company is currently traded at a valuation of above AU$2 Billion and has recorded a total flights/booking transaction volume of AU$3 Billion for 2020.
3% of every booking on LockTrip results in 3% of the booking's value being burnt, according to the whitepaper of LockTrip.
This determines that an economy with less than 18.6 million LOC is deflationary. He comments:
It is believed that the biggest potential for the deal between LockTrip, Hydra and Webjet lies in the endgame scenario: Tokenizing travel inventory, and thus aligning suppliers, hotels and marketplaces through a globally accessible distributed travel database.The LockTrip/Webjet deal is a testament on how traditional tech giants spot opportunity in blockchain technology. ?? Hydra was built to allow them to do this. This makes the deal unprecedented in the blockchain space.”
Supercharging the LOC Economy
A potential migration of Rezchain to Hydra ChainPotential Revenue Impact from LOC Economy Integration to Webjet OTAsThe synergies of the deal go far beyond the LOC economy integration to the Webjet OTAs. Webjet has been investing in its own blockchain-based project titled Rezchain, which aims to prevent data mismatches between suppliers and intermediaries. Rezchain is a private blockchain, with zero nodes, and it is fully operational as we speak.
In detail, LockTrip's MasterPlan reveals that the long-term goal is to solve the pressing problems present in the travel industry such as data mismatch, fragmented supplier relationships, and inefficient distribution. It is believed that the biggest potential for the deal between LockTrip, Hydra and Webjet lies in the endgame scenario: Tokenizing travel inventory, and thus aligning suppliers, hotels and marketplaces through a globally accessible distributed travel database.These are exactly the problems we set out to solve by launching LockTrip.
To a certain extent, Rezchain was also trying to tackle the same problems LockTrip identified.
Regarding their investment decision, John Guscic, Managing Director of Webjet, says:
It is believed that the biggest potential for the deal between LockTrip, Hydra and Webjet lies in the endgame scenario: Tokenizing travel inventory, and thus aligning suppliers, hotels and marketplaces through a globally accessible distributed travel database.We first made contact with the LockTrip founders in early 2019 to share views on blockchain, given Webjet’s blockchain journey with Rezchain. From the initial conversation, we were impressed with the way the founders approached solving the well-known challenges of a public blockchain, and felt they had a game changing opportunity to utilize the fundamental features of blockchain to improve the hotel distribution landscape”
He then continues:
It is believed that the biggest potential for the deal between LockTrip, Hydra and Webjet lies in the endgame scenario: Tokenizing travel inventory, and thus aligning suppliers, hotels and marketplaces through a globally accessible distributed travel database.Having identified the exciting potential that Locktrip and Hydra could offer, we began to explore a deeper relationship, which has resulted in today’s announcement. We are delighted to be on board with the LockTrip founders offering innovation to travel consumers and suppliers alike”
Potential Migration of Rezchain onto Hydra Chain
The synergies of the deal go far beyond the LOC economy integration to the Webjet OTAs. ??
Webjet has been investing in their own commercially viable blockchain-based project branded Rezchain, which aims to prevent data mismatches between various suppliers and intermediaries. ?? This critical infrastructure could now be migrated onto the decentralized infrastructure of the Hydra chain.
A project by the name of Evedo (EVED token) has also announced that it will migrate for Ethereum to Hydra later this year.
It is believed that the biggest potential for the deal between LockTrip, Hydra and Webjet lies in the endgame scenario: Tokenizing travel inventory, and thus aligning suppliers, hotels and marketplaces through a globally accessible distributed travel database.How the team will accomplish it is not yet clear. Online travel grew to over $700 Billion in 2019 as a result of growth. Joining our forces through a marriage with Webjet was the logical thing to do.” says Nikola Aloxandrov.
Hydra has made it possible because it has built the tools necessary to do it. Now with LockTrip's new partnership with Webjet, which has become the second-largest travel supplier in the world, they have the power to pull it off. Its current valuation is in excess of AU$2 Billion but it has already registered a total transaction volume of AU$3 Billion for 2020.One of the most significant things to see in the crypto space is such a giant and acclaimed leader joining COINBASE with its well known and established LOC token. As co-founder Nikola Alexandrov describes it, the “marriage” is unlike any other.“The LockTrip/Webjet deal is a testament to the fact that traditional tech giants have begun to recognize blockchain technology as an opportunity. Some of these are:
- Fixed transaction fees in $USD
- Wallet-level scalability (parallel processing of transactions allows for a single wallet 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
- The disclaimer is below.
- ??
Earlier this year, Hydra was launched as a blockchain that offers real-world businesses a platform to join the crypto space. Please be advised that this article is only for informational purposes.
Lynne Oldfield, Director of Corporate Development at Webjet, comments:
It is believed that the biggest potential for the deal between LockTrip, Hydra and Webjet lies in the endgame scenario: Tokenizing travel inventory, and thus aligning suppliers, hotels and marketplaces through a globally accessible distributed travel database.Public blockchains are typically slow, resource hungry and have unpredictable pricing; with the release of Hydra chain, the founders of LockTrip provide a robust, scalable platform for genuine commercial applications and we are excited to invest with them as they grow this opportunity”
If the integration is successful, Rezchain would be the third real-world business to build on Hydra. No investment, tax, legal, or accounting advice was provided by Bitcoin.com. We are not liable for any damage or loss caused or alleged to be caused by or in connection with any use of this content, goods or services or reliance on them.
The biggest long-term potential for the deal between LockTrip, Hydra and Webjet lies in the endgame scenario:
Tokenizing travel inventory, and thus connecting various suppliers, hotels and marketplaces through a globally accessible distributed travel database.
?? It is yet to be seen whether the team will be able to accomplish it. Additionally, LockTrip’s product offers up to 60% savings versus traditional booking sites, as well as developing and launching the Hydra blockchain specialized on bringing real-world businesses onto the blockchain. A Brief History of WebjetWebjet is the world’s second largest accommodation supplier in the travel industry through its brand WebBeds. With more than 44,000 clients and a global presence in 50 countries, the company supplies world-wide inventory across its many B2B wholesale brands. A wide range of wholesale suppliers such as travel agencies and online travel agencies employ Webjet. Its wholesale collection includes brands such as: Destinations of the World (DOTW)Lots of Hotels?? Fit RuumsTotal ?? .
“The LockTrip/Webjet deal is a testament to the fact that traditional tech giants have begun to recognize blockchain technology as an opportunity. Learn how to reach our audience here. The LOC economy would then be supercharged by the billions in annual revenue of a leading international business entity.
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Disclaimer: ?? It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The synergies of this deal go far beyond the integration of LOC economy to those Webjet OTAs.
