Skip to main content
Daily travel & tourism news portal for the Asia-Pacific market since 2012

Technology

Locus Chain to introduce Blockchain-backed payment mechanism in the Indian tourism industry

Author: Theodore Koumelis / Date: Fri, 12/14/2018 - 01:07
1171
Rajendra Alapati (Left) CEO of Let’s Fly Free, and Sang Yoon Lee (right)
Rajendra Alapati (Left) CEO of Let’s Fly Free, and Sang Yoon Lee (right)

Locus Chain Foundation signs strategic partnership agreement with Let's Fly Free, a leading innovative travel and tourism company in India.

SINGAPORE -- Singapore-headquartered Locus Chain Foundation, the company responsible for developing a next generation blockchain protocol, signed a strategic partnership agreement with Let's Fly Free to introduce Locus Chain digital currency as a mode of payment in the travel and tourism industry. Let's Fly Free is an online travel and tourism platform based in India with more than one million paid users and average monthly revenue of USD 40 million since its launch in February 2018. 

The introduction of blockchain technology is expected to revolutionize the USD 8.1 trillion global travel and tourism industry. With this strategic partnership, Let's Fly Free users will be able to make payments for memberships and travel packages using Locus Chain digital currency, which aims to become a convenient digital payment mechanism backed by blockchain technology. Following the launch of its main net, Locus Chain will also build a customer management system for Let's Fly Free. Both parties will later work together to introduce, develop and implement Locus Chain's blockchain technology platform to develop the tourism industry in Asia and Africa.

Mr. Rajendra Alapati, the 29-year-old CEO of Let's Fly Free, said: "Our business model is built on our keen understanding of people's demand for high-end luxury travel products; Let's Fly Free enables customers to buy luxury overseas trips based on regular, small-scale accumulation. This has been core to our explosive growth; and our strategic partnership with Locus Chain will expand Let's Fly Free's footprint in the global travel and tourism industry."

Mr. Sang Yoon Lee, CEO of Locus Chain, said, "This strategic partnership will be the first step for Locus Chain in India. Let's Fly Free is a young Indian company with a very innovative concept, with similar DNA to Locus Chain as the world's most innovative blockchain technology, that can be used for real-time transactions with perfect security."

Locus Chain uses Account-Wise Transaction Chain (AWTC) and Dynamic State Sharding technology to improve the transparency, reliability and scalability of its platform. The partnership is built on the practicality of Locus Chain's blockchain platform, which has been designed to eliminate loopholes in existing blockchain by maintaining transaction speed and safety regardless of the number of users in the network.

ABOUT THE AUTHOR

Theodore Koumelis

Co-Founder & Managing Director

Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.