WEGOLD: Creating a decentralized travel system

WEGOLD: Creating a decentralized travel system

Asians have travelled further than any other race so far this year, with a surge in trips to destinations within the region and including many more beach holidays. After a double-digit rise in international trips last year, the outlook remains strong for 2018. Those were some of the results of the 24th world Travel Monitor Forum in Pisa, Italy (November 3-4, 2017).

Outbound travel by Asians grew by a dynamic 11 percent in the first eight months of 2016, according to world travel monitor figures. There was a very strong 14 percent rise in trips to destinations within Asia and also a high 11 percent increase in travel to the Americas. But the number of trips to Europe dropped by 1 percent between January and August 2016.

Once again, China was the driving force for growth with an 18 percent rise in outbound trips (excluding to Hong Kong and Macao). But the Republic of Korea also performed very well last year with an 11 percent rise in international travel.

Aspirational Travel

Aspirational travel experiences referred to the following: Island getaways, adventure pursuits, eco-system and authentic local activities. This pretty makes “Aspirational travel” the umbrella term for off-the-beaten path adventures showcasing the most authentic and local activities from ski to snorkeling. Meanwhile, the ‘long tail’ of the travel industry refers to the large number of local activities, tours, attractions and events in a destination that inspire travelers to go places.

The Problem with the Industry

There are in the tourism industry, despite the fast growth being recorded: the continued advance of digitization- technology is actually fuelling a more demanding traveler who increasingly expects to be able to plan, tailor and book their holiday all from their smartphone. Vying the customer attention will increase and the critical role of content will become more acute for businesses. What technology solutions do customers expect to find from travel and tourism providers?

Another issue is the Big Boys rule – its an industry that is dominated by big players like the multinationals and so, profit becomes the driving force not the desire to satisfy customers any longer.

Best experiences are not available: the small travel providers that are in touch with reality and have the requisite experience are sidelined and dominated and hardly do they have an impact on goes on in the industry, plus the fact that they have a real challenge of tapping on the largest source market.

The so called ‘Big Boys’ in the system set rules and the small and local providers don’t have the finance or influence in the ecommerce ecosystem as a whole.
The injustice in the system is pronounced in the fact that the big corporations profit from the effort of others. The mobile holders who through their sharing of images and reviews create the market should be the ones enjoying the profits.

The Right Solution with the WEGOGO platform

WeGold is leveraging on the blockchain technology to help WEGOGO create a decentralized travel system in Asia. It will help to connect directly with local hosts with the best aspirational travel experience. There is also the WeGold travel token, and one could be rewarded by sharing their experiences in the community. 
WEGOGO sees huge opportunity to connect tourism suppliers outside China, particularly small and medium-sized enterprises, to sophisticated Chinese tourists through WeChat, the dominant social networking platform in China with 633 million users.
The venture is backed by a group of Singapore private investors led by Farsight Capital’s managing director Wong Toon King.

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