LockChain is a decentralized open-source hotel reservation/rental ecosystem, where end users and asset owners can quickly transact on the platform without any procedures or commissions.

1. Application scenarios

We designed and built LockTrip, a decentralized open source booking ecosystem for renting out hotel rooms, private property or lodging (LOC Ledger Decentralized). LockTrip allows end customers and property owners to transact with each other on the platform without any fees or commissions. LockTrip.com is the first marketplace/app connected with a decentralized engine (LockTrip.com marketplace).

The nature of our services includes specific procedures with automated processes to ensure that payments are executed correctly and accurately. If a physical person wants to book a hotel with a credit card in Euros, the built-in algorithm exchanges the payment in Euros into the LOC through an API connection to the exchange. The booking is then executed at the LOC with 0% commission. After check-out, if there is no dispute, the smart contract that manages the booking sends the payment to the hotel. The hotel liquidates LOC to Fiat, and the handling fee paid by Fiat is 0% of the hotel.

From a customer perspective, browsing the LockTrip.com marketplace will not require the use of LOC tokens. But in reality, what will happen with any purchase is that the marketplace will use its built-in algorithm to convert any external payment method into LOC. The use of other fiat currencies and cryptocurrencies will be provided as a service, although a 1-3% fee may apply. More features will be released over time.

(The above information is from LockChain official website)

2. Project Features

For owners, they need to pay a large amount of commission or deposit to traditional intermediary platforms, but on Locktrip, they can rent/pre-lease houses to short-distance travel or self-driving travelers in a commission-free manner. For renters, they can check the location, room type and other information on the platform in advance, and rent at the lowest price.

Related link:
https://locktrip.com/terms.html