Phase one of the rollout will see 50,000 thousand rooms
Over the next 18 months, Tratok will be completing the roll-out of Phase 1 of its global hotel network. Months after achieving a market capitalization in the billions, the privately funded and homegrown Tratok has continued to expand. Since the launch of the Tratok application on Jan. 21, 2020, more than 158,000 new users have signed up. The revolutionary blockchain-powered ecosystem features accommodation, flight and activity booking modules as well as fraud-free reviews and social interaction between travelers.
Phase 1 will see an expansion of the United Arab Emirates’ existing offering up to 50,000 rooms, a necessary push in line with Dubai’s hosting of the Universal Exposition 2020 at the end of the year. This phase will also mark the entrance of Tratok into a new market: the Eurozone which is the world’s number one travel and tourism destination. The target number of rooms for the Eurozone is 150,000 rooms.
This ambitious expansion is a natural progression from the highly successful pilot tests conducted in the United Arab Emirates in Quarter 3 of 2019. These proof of concept tests were executed flawlessly and resulted in the service providers seeing an increase in their profit margins by an average of 27.3% while the end customers achieved significant savings while reporting a more enjoyable travel experience. It is expected that the service providers in the Eurozone should be able to experience similarly increased profitability averaging 25%, which, combined with leveraging tourism board and GRE relationships, will grow the brand and use of Tratok exponentially, ensuring widespread adoption, by the industry, as by the intended userbase.
In the same period, this userbase will be expanded to 1,000,000 verified users with the target of converting 20% of these to active users of the blockchain-powered platform. As these users experience the superior service and enhanced value for money, the Tratok Travel portal should be able to achieve the initial target of 50,000 bookings per day within its first 24 months of operation.
The property portfolio, both in the UAE and in the Eurozone will range from budget to high-end luxury and include business hotels, boutique hotels, resorts and luxury chains across all geographies allowing a maximum amount of both leisure and business travelers to avail the economic and lifestyle benefits unique to booking their stays using the Tratok portal and token.
Tratok had announced their launch in UAE back in July of 2019 in an effort change the tourism sector.