UAE, Blockchain hospitality settmelent platform LucidPay plans to launch a stablecoin built on the Tezos blockchain network. LucidPay is a global leader in the hospitality industry, enabling innovative payment processing and blockchain solutions that enhance the guest experience across hospitality offerings. Tezos is one of the original Proof of Stake blockchain networks with a proven track record of speed, security, and reliability for globally accessible products and applications.
LucidPay’s blockchain-based, smart settlement system can be fully integrated with a hotel’s existing payment and point-of-sales systems and participating venues outside the hotel. LucidPay’s blockchain solution is currently being used by hotels located in UAE and KSA such as Atlantis, Sofitel on the Palm, Turtle Bay Hotel, Caesar’s Palace…
The Tezos-based stablecoin solution will further enhance the benefits of integrating LucidPay’s solution by enabling secure, fast, and private transactions. The implementation of Tezos on the LucidPay platform will reduce transaction times to sub 2 seconds and creates an extraordinary opportunity for scalability as a technology enabler.
The LucidPay platform allows hotel guests to pay for services, activities, and amenities at a hotel using a wristband or digital wallet. The system leverages blockchain networks to securely record information, reducing the risk of fraud and the time it takes to resolve disputed payments.
Tezos is constantly innovating and upgrading because of its proven on-chain governance. Improvements are continuously proposed by participants on the network, voted on, adopted, and deployed — all without the need to rely on hard forks. So far, Tezos has undergone seven network upgrades, with the eighth soon to come, that have reduced gas fees by 70%, improved token standards, increased transaction speed, and more. With over 4.4 million contract calls and counting in September, Tezos is one of the fastest growing blockchain ecosystems.
While the original applications will be within the traditional hotel sector, Tezos will give LucidPay the ability to broadly expand its applications to support more vertical sectors including tourist attractions, food and beverage service outlets, retail, and much more.