The travel and tourism sector globally generated about $7.2 trillion, which represents about 9.8% of total global GDP in the year 2016. A majority of the revenues from this sector come from online bookings. It is estimated that about 76% of all bookings take place online.
However, it is worth noting that most of these booking go through one of the five major intermediaries in this industry. As a result, it has led to high percentage booking fees for the parties involved.
The result has been that development in this industry has been sluggish or lacking in some cases. In fact, little has changed in the last decade in terms of how online bookings are done. However, the blockchain represents an opportunity for real change in this sector.
The Issues Concierge Hopes To Solve
Currently, online platforms have so much power over their vendors that they charge 30% to 50% of the booking fees. This is because only a few players dominate the sector. Thus, both small and large companies usually have few other options than to pay the fee.
However, Concierge intends to change all that. It offers users a user-friendly platform that utilizes the NEO blockchain. For the vendors, they will get access to lower costs. This will, in turn, translate to lower prices for the consumers of these products. This platform has been designed to be safe, non-influential, and transparent. It is the first time that something like this is being introduced on the market.
Besides lower fees, speed is something that will improve. Current intermediaries have confirmation times of between 24-48 hours. Besides that, they allow vendors of services to pay for reviews that make them look better than their services actually are.
The intermediaries usually state that users of their platform cannot get a refund if the services do not turn out as expected. Across many sectors of the economy where monopolies have total control, this is a common practice. People usually end up getting less than they deserve since the monopoly does not need to worry about competition.
Some Of The Areas The Project Will Offer Solutions
One area the blockchain will help sort out is honest reviews. On the immutable blockchain, the era of generating fake reviews will be over. Vendors will have to provide high-quality services if they help to get quality reviews. The entire process of how reviews are earned will be transparent to everyone.
Overbooking will also be phased out. On the blockchain, it will no longer be possible for customers to overbook. It is something that most players in the travel and tourism sector often do in anticipation of some customers failing to show up.
Concierge CGE ICO Token Sale
The Concierge CGE ICO token presale is set to start in about five days. The presale is set to start on February 14. During this time, 10 million CGE tokens will be used to the participants. The whitelist sale is set to start on 13 February with 10 million CGE on sale. The main sale will start on March 31. 45 million CGE will be sold.