In brief
- Travala is partnering with crypto exchange Binance to add blockchain tech to travel.
- Smart contract technology will be used to add decentralized reviews and bookings to Travala.com.
- Independent agents can receive AVA payments by generating revenue for the company.
Travala.com today announced a collaboration with Binance Chain, a blockchain developed by crypto exchange Binance, to develop blockchain-based solutions for travellers and travel suppliers.
The agreement will see Travala and Binance Chain work together to bring certain decentralized technology to Travala.com’s business model.
“The advantages of Binance Chain and particularly Binance Smart Chain systems with the newly added smart contracts functionality is the perfect tech solution for Travala.com to build the next major evolution of blockchain-based travel solutions,” Juan Otero, CEO of Travala told Decrypt.
Binance Smart Chain is Binance’s own blockchain platform that has smart contracts enabled, like Ethereum.
The collaboration between Travala and Binance will see new features including decentralized reviews and accommodation bookings. In addition, Travala will offer independent, decentralized agents the chance to expand the company’s sales in exchange for “a possible lifetime revenue stream, paid in the form of AVA,” Otero said. These earnings will be based on a percentage of total generated revenue.
These features will, in turn, enhance security for Travala’s users. “The basic advantages of blockchain technology are decentralization, immutability, security, and transparency,” Otero said, adding, “So everything from the booking process to payments and loyalty and rewards will boost a level of security significantly higher than existing mainstream OTAs.”
Travala uses blockchain technology to connect travellers with over 2 million properties in over 230 countries. The company’s proprietary cryptocurrency, AVA, can be used for payments, rewards, refunds and as a store of value, in addition to 30 other mainstream cryptocurrencies.
“This partnership with Binance Chain represents another important step for Travala.com and its native token AVA towards aligning travel bookings with the ethos of decentralized technology,” said Otero.
Binance DEX is a self-custodial exchange, developed on top of Binance Chain. It allows the Binance platform to leverage peer-to-peer trading.
“Binance is committed to supporting partners in building innovative decentralized applications that will help grow the industry,” said Changpeng Zhao, CEO of Binance.
Now if only we could actually go on holiday.