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Mar. 27, 2018

Apr. 30, 2018




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Boocash is a true game changer in the $500 Billion worth Online Hotel Booking Industry. Built on the Ethereum blockchain, Boocash is an ERC20 based Token and a distributed technology tailored for the hotel booking economy.
Cryptographically secured smart contracts build a trusted booking service without the presence of middle man.
Where traditional OTAs (ie and Expedia) charge up to 30% of commission to hoteliers, Boocash will charge a single fixed commission of 1% on all bookings made through its marketplace.
Booking a holiday has never been easier, with companies like Expedia, Airbnb,
and delivering a level of speed and range of selection that would
have been unimaginable 20 years ago. But the success of these companies
shows how much money there is to be made by further improvements. For
example, booking a stay at online in a hotel will still usually see around 25% of
the transaction being spent on booking platform and financial transaction fees.
And consider that those 25% are calculated on the gross revenue, which for
example in EU contains additional up to additional 20% VAT. This practically
means that hotel owners pay an additional commission to on the
VAT amount that they remit to the state budget.
Given the fact that the global hotel industry is worth around $500 bln annually,
this means that any new platform that eliminates these fees (like Boocash Hotel
System) could deliver up to $125 bln in value to users each year.
Banks need to process payments, booking platforms need to present and verify
both transactions and listings (including reviews), and of course a central
currency needs to be backed by governments.
In addition, customers are also exposed to security risk when they are asked to
give a copy of their credit cards to the hotel manager who usually also take a
copy of the customer’s ID card or passport. So, it is not impossible that your
credit card associated with your personal data could fall into the hands of
malicious people.
Today, with the advances possible with Blockchain technology, a new platform
would not be another iteration of the same old business model. Much of the 25%
that currently goes to the middlemen processors is a “necessary evil” of sorts.
Also, thanks to smart contracts, hoteliers won’t need your credit card to secure
your booking.
With cryptocurrencies, suddenly most of these limitations disappear. The
network can be trusted to supply the currency and the ledger can serve to verify
Decentralized security and easy verification of data are what blockchains were
designed to solve, after all. The accommodation providers and the customers
can be allowed to interface directly without risk of double-spending, information
disputes (such as fake reviews or denial of payment), or overbooking.
Boocash is an open-source for-profit technology dedicated to: Democratizing
cryptocurrencies and bringing it to the masses by creating decentralized tools
for the world to seamlessly invest and spend in the hotel booking industry.
At the core is the Boocash protocol: A blockchain protocol defining investment
transactions between users and the Boocash smart contracts. Built on the
Ethereum blockchain, Boocash is an ERC20 based Token and a distributed
technology tailored for the hotel booking economy.
Supporting the protocol is the BHB (Boocash Hotel Booking) Marketplace. The
BHB is an App and a Marketplace that empowers anyone to book a stay online in
a hotel, an apartment or a villa worldwide through the Boocash token.
To do so, users register on the BHB marketplace and make their bookings. The
bookings are executed with the BOO token which are sent and held in escrow by
the Boocash smart contract. The BHB and smart contracts keep track of all
transactions data. To make a payment, users use any Ethereum based wallet.
Upon executing the service (i.e. user stayed at hotel and made checkout), the
smart contract releases the transaction and funds are sent to the hotelier’s
account. All transactions and funds are digitally automated by open-source
computer code and are never touched or managed by any third-party.
Boocash will develop an API to enable other platforms or hotels owners to
propose the BOO token on their websites.
Boocash is creating a future where users have one platform and one token
(BOO), that enables anyone to create make a hotel booking worldwide. Thereby
reducing the cost, risk, confirmation delay and complexity associated with
traditional OTAs (Online Travel Agencies). Centralized third parties that are
often needed in traditional hotel booking use cases are replaced with smart
contracts that act as autonomous agents and programmatically compensate all
users and owners within the entire Boocash ecosystem.

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