Travel

TRIPBIT – pay for travel using cryptocurrency and blockchain technology

Blockchain technology is revolutionising the everyday lives of global citizens, yet it is lacking proper integration.
Most travel agents only accept payments in fiat, exposing the customer to a variety of unnecessary problems including extortionate foreign exchange rates, transaction delays, and double bookings.  Travellers are also wasting too much time navigating a plethora of websites to find the best deals for flights, hotels and events.

The TripBit ‘All-In-One’ Solution TripBit bridges the gap between blockchain technology and the travel industry with its extremely efficient and effective all-in-one platform solution. Not only will TripBit integrate its three core businesses – Flights, Hotels, and Events, under a single platform, but it will also give travellers the choice to pay in
either cryptocurrency or fiat.

The TripBit Token (TBT) is a new form of currency – the fuel to the TripBit platform. It runs on a decentralised blockchain and provides many benefits in an efficient, easy-to-use solution for the
instantaneous, low-fee payment of travel & tourism services.

The Travel & Tourism Industry is one of the world’s largest, and contributed over 7.6 trillion dollars to the global economy in 2016. Popular tourist destinations, such as France and the United States, continue to remain consistently popular, but other, less well known countries are quickly emerging, accelerating the growth of the Travel & Tourism Industry.  This global trend continues to reinforce the resilience of the Travel & Tourism Industry, which has outpaced the growth of the global economy for 7 years straight. The global outlook for the Travel & Tourism Industry in 2018 remains robust and will continue to boom and gain significance as a vehicle of job creation and wealth generation in a world full of rich cultures waiting to be shared.

Flights & Aviation
The Aviation Industry is inseparable to the notion of travel. It supports over 2.7 trillion dollars (3.5%) of the world’s GDP.  There are currently over 100,000 flights scheduled per day, equating to over 36.5 million flights a year,carrying over 3 billion passengers with over 50 million tonnes of freight. Providing these services generates over 10 million jobs within Air Transport & Aviation for global citizens.  The Aviation Industry also plays a significant role in supporting global tourism. Over 55% of international tourists travel by air, and over one third of global tourism’s economic activity is stimulated by Aviation ($900 billion).

The outlook for the Aviation Industry remains booming, with the International Air Transport Association (IATA) forecasting passenger demand to double over the next 20 years in excess of 7 billion passengers, with emerging markets such as Africa growing the fastest.

*Data obtained from AviationBenefits

Hotels & Accomodation
The global Hotel Industry generates over 700 billion dollars for the global economy. The US is the largest national hotel industry market by far, valued at $189.6 billion. The UK and China follow valued at, $59.8 billion and $59.6 billion respectively. Europe is the biggest regional market, accounting for over 34%
of the global industry. The two main segments of the Hotel & Accomodation Industry are leisure and business, Leisure is the largest segment, accounting for a third of the industry’s
total value. Leisure is also one of the main drivers in Travel & Tourism and interconnects all three core businesses.
Forecasts suggest that trends within the global hotels market should stay consistent through to 2020, with the
Middle East most notably expected to outpace the rest of the world, at a rate of
6.8%. Occupancy rates and the revenue per available room are also positioned to increase as the global economy becomes more and more connected, with technological innovations in AI and IOT expected to attract even more consumers.

*Data obtained from MarketLine

Events and Activities

In the United States alone, there is more than 18 million events being organised, accumulating over $115 billion of
economic activity to the national GDP.  The Events Industry is highly diverse and robust. It ranges from conferences, exhibitions, meetings and global summits to festivals, product launches, sporting spectacles and corporate hospitality. They contribute significantly to tourism and the global GDP, as well as to the exchange of information and knowledge.  When travellers plan leisure trips, whether locally or internationally, they expect to  experience culturally enriching or entertaining events and activities. Likewise, when travellers plan business trips, they expect to participate in corporate summits or networking events.

Globalisation has accelerated the growth of the Events & Activities market, which boasts an outlook of extremely strong growth. TripBit notes that there is a significant gap in the Events & Activities market today, with travel companies focused on flights and accomodation. TripBit is extremely well-positioned to fill the gap and offer an all-rounded, immersive experience and product range for travellers.

 

The Platform Global Travel

TripBit bridges the gap between blockchain technology and the travel industry with its extremely efficient and effective all-in-one platform solution, enabling permissionless innovation.  The team has identified three major
markets in the travel & tourism industry:
– Flights
– Hotels
– Events
TripBit is the first company to integrate all three markets into one platform, saving travellers both time and money.
On the TripBit platform, consumers will be able to pay for travel services with either:
– TripBit Tokens (TBT)
– Bitcoin (BTC)
– Ethereum (ETH)
– Litecoin (LTC)
– Fiat (USD, AUD, EUR, GBP, etc)
The first company of its kind. Through this model, consumers will be spoiled for choice and be the beneficiaries of lower fees, lower waiting times, no double bookings, no double marginalization, and a simple and reliablebooking process. Additionally, TripBIt seeks to expand into complementary services within the industry, including:
– Booking tours and itinerary services
– Airport pick-up and delivery services
– Car rental services

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