Project description
New competition in the accommodation industry
Online travel agencies (OTAs) are playing a big role in the accommodation industry. However, it’s difficult for new and smaller OTAs to enter the market and compete with integrated agencies like Airbnb or HomeAway. In addition, rental costs are high due to multiple intermediates. The EU funded, GASTEJO project will transform present micro-hotel and vacation rentals and eradicate problems in the accommodation industry. This will be possible due to the development of a unique, global, decentralised, Blockchain based travel apartment distribution platform. It will clear unnecessary intermediaries, enabling OTAs of any size to compete with the integrated global agencies. GASTEJO will allow a business feasibility study, which will lead to an effective business strategy.
Objective
GASTEJO project will develop a blockchain-based, decentralized, permissionless inventory distribution platform for travel apartment rentals. It will facilitate entry of new European online travel agency players into the travel apartment rentals market, reduce costs of intermediation between apartment hosts and guests, drive down rental prices and increase revenues to European apartment owners and online travel agencies.
The GASTEJO platform will provide independent online travel agencies (OTAs) of any size with access to global travel apartment inventory, allowing them to compete efficiently with global integrated OTAs such as Airbnb and HomeAway. This will result in expansion of the market and creation of a new €2.5 billion market opportunity for new entrants. Lastminute.com a major European online travel agency with 43 million daily visitors, expressed interest in piloting the GASTEJO platform, and its CEO has joined GASTEJO advisory board.
GASTEJO’s disruptive blockchain-based business model will provide unprecedented operational and financial efficiency. It will support payment in both fiat or crypto currencies, provide mutual insurance and loyalty incentives and enable trustworthy bookings and transactions. GASTEJO will disrupt the market by enabling OTAs to offer a super-set of features of Airbnb while cutting out redundant intermediaries and fostering competition.
GASTEJO project team and advisory board combine strong blockchain technology and commercialization expertise with deep understanding of travel booking and insurance industries. The proposed Phase 1 feasibility study will perform market assessment, create a plan for disruptive market penetration, assess regulatory and commercial risks, deepen the assessment of technological feasibility and prepare a comprehensive business plan.
Fields of science
Programme(s)
Funding Scheme
SME-1 - SME instrument phase 1Coordinator
6900109 Tel Aviv
Israel
The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed.