The Decentralized LOC Ledger is the engine that regulates all transactions and relationships between the hotels/property providers and the clients. In its core, there are going to be rules and operations governed by smart contracts which will be deployed in the Ethereum Virtual Machine. The LOC Ledger will keep record of all transactions and will regulate the transaction executions through client/host driven smart contract triggers. The LOC Ledger will run solely with the native LOC token and any application that wishes to connect to the engine will have the freedom to provide added value services such as support of additional payment methods which they can convert into LOC at the time of the booking.
LockChain.co is a marketplace with direct connection to the decentralized LOC Ledger. Marketplace is an invariable part of the LockChain ecosystem. It will be the first integrated application that will provide a user-friendly access to accommodation users. LockChain will be the first system which allow end customers and property owners to deal with each other WITHOUT ANY FEE OR COMMISSION.
Existing platforms (e.g. Booking.com, Airbnb. com, Expedia.com) are centralized and charge substantial fees from the property owner and/or the end customer. Additional middlemen are the payment processors. All listings and deal parameters on LockChain will be decentralized on the Ethereum blockchain VM, eliminating all middlemen and guaranteeing transparent execution via smart contracts.
Due to the advanced capabilities of blockchain technology, property owners won’t pay any commissions for transactions. Lockchain vision is to transform the current premium model of the OTA industry to freemium model. This means that everyone will be able to use the decentralized ecosystem for free. However for additional payment, some extras and comfort features will be available on the LockChain.co marketplace which will directly compete with established OTA. For the marketplace, there are two possible revenue models are considering – pure freemium or mixed with subscription.
The LOC token is an invariable part of ecosystem and will be the utility token that gives access to both clients and hotel owners to the decentralized LOC Ledger. When you buy LOC, you unlock full service abilities of decentralized booking marketplace. It will be the mean to book hotel and accommodation stays, property rentals, and associated services. The landlord or hotelier accepts this form of crypto-currency and can withdraw it from the LockChain.co marketplace or any other marketplace which is integrated with the decentralized LOC Ledger.