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Empire Hotels, a London-based startup, is aiming to revolutionize the hotel industry by introducing a decentralized booking platform powered by blockchain technology. Their goal is to eliminate the exorbitant fees charged by third-party booking services such as Expedia and Kayak, and instead offer a transparent, low-cost alternative for both hoteliers and guests.
The Problem with Third-Party Booking Services
For years, hoteliers have grappled with the unfair commission structures of third-party booking services, which can eat up a significant portion of the revenue per guest. As mentioned earlier, it is estimated that these costs add up to $125 billion globally every year, a staggering amount that is shared by both the hotels and the guests.
Empire Hotels aims to change this by providing a decentralized platform where hotels and guests can interact directly, without the need for a middleman. By using blockchain technology, they can offer a secure, transparent platform that eliminates the high commissions and processing fees associated with traditional booking services.
The Benefits of Decentralization and Blockchain
Empire Hotels’ platform will be powered by blockchain technology, which offers several benefits over centralized platforms. Firstly, it allows for direct communication between hotels and guests, which can help build trust and improve the overall user experience. Additionally, it provides a level of transparency that is sorely lacking in the current system, as all transactions will be recorded on the blockchain and can be easily audited.
Furthermore, Empire Hotels’ use of smart contracts will help ensure that all transactions are conducted fairly and transparently. This can help eliminate many of the security risks associated with traditional booking services, such as credit card fraud and identity theft.
The Empire Cash Token
Empire Hotels’ platform will be fueled by their own cryptocurrency, the Empire Cash token (EMPC). The token, which is set to launch in the fourth quarter of 2018, is an ERC-20 token that will be used to facilitate transactions on the platform. The company plans to reserve 34% of the total supply of 367,200,000 EMPCs for the ICO phase.
By using their own cryptocurrency, Empire Hotels can offer several benefits to their users. For example, guests can use EMPC to pay for their hotel rooms, and hotels can use it to pay for services such as marketing or booking management. Additionally, the use of EMPC can help drive adoption of the platform, as users who hold the token will be incentivized to use the platform over competing centralized alternatives.
Empire Hotels’ vision for the future is one where both hotels and guests can benefit from a more transparent, decentralized booking platform. By using blockchain technology and their own cryptocurrency, they are offering a low-cost, secure alternative to traditional third-party booking services. If successful, this could have a significant impact on the hotel industry, and could pave the way for other industries to follow suit.
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