Travel and hospitality industry is the one that involves a greater part of the monetary transactions taking place on digital platforms. However, not all such platforms are reliable which is evident by the scams and fraudulent transactions taking over digital wallets. The introduction of blockchain technology is already revolutionizing the world and now the travel industry seeks to gain from this technology. If we go by the report of Allied Market Research, global online travel will be touching 1091 billion by 2022 and its expansion will largely depend upon the availability of reliable and authentic online payment systems. Many companies are working on providing flawless solutions to these industries and one such company is Swissbloc capital (SBC) which has already jumped into the realm of digital payments. SBC aims at providing innovative and disruptive payment and reward solutions to the hospitality and travel industry with its digital payment platform based on blockchain and distributed ledger technology.
The ledger that won’t lie to the people
SBC has already started the sale of its tokens, but there is more to it than meets the eyes. There are already several banks and digital wallets for online transactions, so what exactly makes the payments done through the Swiss Capital authentic and reliable? Transactions done through this platform comprises highly-encrypted data which stores every detail of the transactions in a digital ledger. When a transaction is made, the amount involved in it carries its previous record which is accessible by the previous holders of that amount. As the amount keeps traveling to other users, its history gets updated, taking in the current transaction as well. All the records of the amount are updated in real-time with a chain-like structure of all the transactions. Hence, by following any amount’s record, a user can know if the person or business they are dealing with is trustworthy or not. The feature of keeping all the previous details and updating the same in a chain-like manner makes the blockchain technology foolproof and trustworthy.
A working model and future plans of SBC
Swissbloc (SBC) Capital is currently working on the development of SBC ecosystem and GTX Token (Global Travel Stored Value Token). SBC ecosystem is being evolved to foster the issuance and usage of GTX Token. SBC is launching its ICO with 750m GTX tokens. Out of which 450m tokens are available for purchase, 150m tokens are to be kept in reserve to ensure liquidity and incentivize the customers and agents, and the remaining 150m tokens will be kept by the SBC team.
As per the roadmap of the company, GTX token sale, marketing and sales of loyalty products, and supplier and merchant testing is likely to be completed by August 2018. SBC wallet will be developed by October 2018 including the development of token exchange module. By 2019, the company aims at enhancing mobile wallet support to clients and spread its wings over a minimum of 10 Asian countries and working upon expansion of support hub in the USA.
GTX works upon peer to peer online currency transaction system that carries almost no cost for the payments made through SBC platform. Once GTX is rolled out in the market fully, it will empower travelers and corporate to pay for the services they take during traveling the world with its secure and seamless system.
This author could be anybody, but he/she is not a member of staff coingape.com and opinions in the article are solely of the guest writer and do not reflect Coingape’s view.