Tripedia Looks Towards Changing the Norm in the Travel Industry

Developed by Tripedia Foundation, Tripedia provides decentralized services for the tourism industry at large. The initiative aims to break the dominant OTAs’ monopoly by allowing equal participation in information and resource trading.

The platform provides data security through blockchain technology while eradicating distrust between users and service providers and reclaiming data ownership. In addition to offering a customizable travel plan based on data intelligence, Tripedia has developed an Artificial Intelligence Travel Designer (AITD).

Notably, the primary beneficiaries in the ecosystem are individual consumers and travel companies. The companies include suppliers such as car rentals and intermediaries such as travel agents.

What is Tripedia Solving?

Payment Delays 

Customers’ money is not sent to providers immediately once they pay for travel resources through the major OTA platforms. The higher an OTA platform’s market dominance, the longer the payment delay might be. In turn, it puts a strain on small and medium-sized suppliers’ cash flow. It increases the danger of capital chain rupture.

Lack of Security and Transparency

OTAs have more robust digital security protocols than conventional travel companies. But, they are not immune to cyber threats since successful hackers conduct fraud using stolen client data, reducing trust in the travel industry. 

Pricing isn’t usually transparent. However, the OTAs ensure that the price and availability will automatically renew. The algorithm for search result ranks is likewise not transparent. Some vendors receive higher rankings by paying more.

Poor Data Integration

The major OTAs have a poor track record of integrating client records. When OTAs cannot access industry data correctly, they cannot make informed judgments and develop viable business plans. Centralized storage also reduces the efficiency of data research. Concerns about information security make consumer data entering and retrieval time-consuming.

High Commission Rates

Commission rates in centralized online accommodation booking systems are high, with cross-border payment fees worsening the situation.

Bilateral Credit and Inauthentic Reviews

Client/supplier trust is built on centralized third-party platforms. The purpose behind them is lodging and other travel resources through the major OTAs. 

These platforms cannot guarantee that they performed credit checks on suppliers and customers to earn a commission. Some third-party travel providers even pay for fraudulent trade records and fake favourable ratings.

Features

The $TRIP Token

The TRIP token is the Tripedia Ecosystem’s lifeblood. TRIP tokens can be used for transportation and other travel-related items and services.

Earning TRIP tokens is as simple as sharing travel resources and knowledge. The bigger the number of Tripedia members, the more prevalent this sharing grows. In turn, it results in a greater demand for TRIP tokens. As a result, their value rises. Tripedia will get a reimbursement for nominal platform maintenance costs payable in the form of TRIP tokens.

Customers frequently suffer a low exchange rate when making purchases across borders. Customers utilizing Tripedia may avoid losing money on currency rates. Clients can do it by paying with TRIP tokens in the alliance hotels and other participating tourist attractions.

Artificial Intelligence Travel Designer (AITD)

As customers want more from their tourist experiences, travel and lodging alone will not be enough. Customers are increasingly paying agencies for one-of-a-kind and personalized services. The services range from restaurant reservations, game tickets, international weddings, and personal vacations. However, this customization comes at a cost. A highly personalized service takes a significant amount of time and money. Many travel planners lack the expertise required to arrange high-quality custom itineraries.

Using data from the ecosystem, AITD generates customized trip itineraries. Customers provide Tripedia with their information and travel choices. AITD analyzes the data it has on past reviews and experiences and accommodation and airline availability. With this information, it can then offer the best vacation plan for them.

This type of incremental learning saves time and energy compared to typical machine-learning algorithms. The AITD model emulates accuracy as the number of participants and data on Tripedia rises. In this way, it makes travel plans more personalized than ever.

Upon the contract launch, the platform distributes the consumers’ trip arrangements through a dApp. AITD can collect real-time statistical data for travel businesses. The data may range from the number of travellers heading to specific locations and their preferences.

A Decentralized OTA

The Tripedia Ecosystem links consumers and suppliers. It allows them to communicate information efficiently and safely without depending on major OTA systems. The following are essential steps:

• Registration: The consumer creates an account with Tripedia. It also receives a unique digital ID and private key. Their information is only available when they have granted permission.

• Search: When consumers need a travel service, they may upload their request to the block. Tripedia will connect them to travel firms based on sophisticated models. Users may also get guidance and travel deals from suppliers.

• Authentic reviews: When consumers purchase a tourism service, their review is logged on Tripedia’s Ecosystem’s sidechain. If the assessment indicates the intention of a bad review, the consumer must pledge a particular quantity of tokens.

• Booking: When an offer is accepted, the contract starts. Then, the platform compensates with TRIP tokens.

Following the examination, if the related provider accepts that the review is genuine, it takes effect. The user will refund the pledged tokens while the review is transferred from the sidechain to the mainchain for storage. Along with some more tokens as a reward. Tripedia staff only intervenes when there is a transaction disagreement. In this way, it gives Tripedia a genuinely decentralized platform.

Easy Advertising

The Tripedia Advertising System allows third-party travel suppliers such as hotels, airlines, and restaurants to promote their services. They can buy adverts for featuring on Tripedia with TRIP tokens. When a consumer searches for local information, Tripedia will show them the relevant advertisement. Similarly, a provider might promote other suppliers to their clients to receive reward tokens.

Pros

Advanced technology: The platform uses a unique feature called the Artificial Intelligence Travel Designer. It enables people’s balanced and carefully customized travel packages.

TPD tokens: The native’s platform token provides a stable and convenient travel currency. 

API Simple Interface: Through the upper dApp, the platform’s straightforward interface allows quick access by all clients.

Proof of Contribution algorithm: It will promote continued growth by rewarding contributions such as purchasing a service or receiving a positive review.

Secure: Due to the application of blockchain technology, the platform is very safe.

Cons

Market situation: The price of TRIP tokens will likely get influenced by the health of the broader cryptocurrency market.

Relatively new project: The platform has yet to form a broad support base to test its aspects.

What the Future Holds for the Project

Blockchain is still in its early stages. Various regulatory factors could impact Tripedia and TRIP tokens’ resulting liquidity and value. Also, the competition in crypto is fierce. It means that the success of Tripedia and the importance of TRIP tokens cannot be determined solely by the Tripedia team.

Advances in science and technology may challenge the security of Tripedia and the TRIP wallet. The team will immediately fix any issues, but there is no guarantee that it will not harm Tripedia and the value of TRIP tokens.

Tripedia contact information

Website: https://www.tripedia.io/?lang=en

Twitter: https://twitter.com/tripediacrypto?s=21 

Telegram: https://t.me/TripOfficial 

Coingecko: https://www.coingecko.com/en/coins/tripedia

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