Revolutionizing the Hospitality Industry: How Buk’s Blockchain Solution is Bringing Transparency and Flexibility to Hotel Bookings

As the world becomes increasingly digitized, the hospitality industry has seen a growing demand for transparency, flexibility, and seamless customer experiences.

Enter Buk Technology, a blockchain solution that aims to revolutionize the hospitality industry by bringing transparency and flexibility to the ecosystem.

Buk Technology offers a range of use cases that can benefit both the hospitality industry and travellers.

Here are 10 examples:

1. Resell Bookings: Buk Technology provides a secondary marketplace for tokenized rooms that allows travellers to resell their bookings instead of paying a cancellation fee. This creates a possible money-making opportunity for travellers rather than a painful one.
2. Avoid Missed, Lost or Spurious Hotel Bookings: With blockchain technology, any entity (hotel, guest, travel agent, tour operator) can confirm and validate the state of a booking, as long as they are able to prove the ownership of the unique NFT. This eliminates missing bookings and waiting for travel agents to sort out issues.
3. Easy 3rd Party Integration: Buk Technology’s system is open to the developer ecosystem, enabling developers to capitalize or improve guest experience by providing new solutions for travelers, such as integrated KYC solutions, blockchain-based loyalty point integration, DID-based no-contact self check-in, NFT-based door access, NFT ownership as proof for all ancillaries, integrated crypto payment for ancillaries, and stay-verified reviews from past travelers.
4. Explore Multiple Locations: With Buk Technology, travelers can make bookings for multiple locations and squat on them until everyone finalizes their decision. If the dates are premium, the traveler could actually make money by reselling bookings for locations where they did not actually travel.
5. Auction, Bid & Reverse Auctions: Tokenized room bookings create newer user journeys and decision-making processes, where flexible travelers can use bidding and auctioning tools to book rooms easily.
6. Tokenized Room Additions: Travelers can now add additional attributes to their existing booking, such as adding breakfast, a room close to the elevator, or rebooking the corner room where they enjoyed their honeymoon. Just like adding a Ruby NFT to the Mythical sword NFT in your favorite game, travellers can now buy tokenized attributes and merge them up to make their experience even better.
7. Break Bookings & Sell Them: If travellers change their plans, they can break down a booking to use only the number of days they need and sell the remaining days independently, without interaction with a travel agent or a hotel.
8. Transfer to Non-Crypto Friends & Family: For non-crypto travellers, Buk Technology allows the booking traveler to “check-in the Room-night” for friends or family by providing their name and details.
9. Clear Hotel Room Types: All room details will be encoded in the NFT directly (provided by the hotel) so that a smart user can always verify if the room type they are buying is the same one being sold on a different site at a different price.
10. Transparent Cancellation Refunds: With tokenized inventory cancellation rules, refunds are super transparent, on-chain, and only transactable by the owner of the NFT and not the customer care.

Buk Technology’s blockchain solution offers the hospitality industry transparency, flexibility, and seamless customer experiences that can benefit both the industry and travellers.

With Buk Technology, the hospitality industry can redefine the guest experience by leveraging blockchain technology to create a more transparent, seamless, and enjoyable experience for all.

About Buk

BUK is a decentralized, open chain globally accessible protocol, making the conventional hotel inventory distribution and booking experience more flexible and decentralized to benefit all stakeholders — travellers, hotel owners and even middlemen who trade these inventory.

With BUK, every room for each night is a Non Fungible Token which represents the right to stay in that particular room of that hotel for a specific night. However, unlike a traditional booking this token that represents your buking- can be traded and sold to someone else. This offers tremendous flexibility with hotels and intermediaries collecting commissions from these trades. This also opens up major opportunities for better price discovery and timelines that would have once been impossible. With trades and transactions stored securely on the blockchain, participants can benefit from full transparency.

With its standalone protocol layer, BUK paves way for further innovation as developers are able to create their own applications on top of it. Get instant on-chain payouts when your bukings are sold to someone else.

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