DUBAI, United Arab Emirates /PRNewswire/ -- The UAE's position as a tourist superpower is about to receive a further boost thanks to Tratok, a Dubai-based blockchain-powered token that seeks to give the tourism sector a competitiveness overhaul by increasing profitability and cutting costs. With the elimination of fraud, huge commissions and transaction costs, Tratok creates an ecosystem that can give service providers up to 30% more revenue and 180 days faster cash flow turnover, and allow them to take back control of their inventory. Consumers will also gain from lower costs, transparent pricing, verified reviews and a truly global rewards program.
Cryptocurrencies are too often associated with fraud, lack of transparency and sharp volatility, whereas Tratok is a visible example of the tangible benefits blockchain technology can provide. Rather than jump on the cryptomania hype, Tratok uses blockchain technology to create a new travel and tourism ecosystem eliminating dozens of problems which plague the tourism sector. While other cryptocurrency contemporaries raised millions of dollars in public funding via coin offerings but have delivered little else to date, Tratok is a token that addresses real issues and challenges in the USD8.3 trillion tourism sector. This privately funded disruptor, led by a team of world-renowned professionals and specialists, stands seven months ahead of its own development schedule. By launching in Dubai, Tratok will take inspiration from the Emirate's leadership to create the ideal smart city.
Tratok has already enjoyed widespread public adoption. International supporters and holders measure in the tens of thousands and Tratok has access to liquidity markets in excess of USD $300 million daily. Strong support, real-world application and measurable progress have propelled TRAT's price 728% since November 2018, despite the cryptocurrency market volatility. The situation is solid enough, that unlike other startups which have taken from the public, Tratok has given to the public. This philosophy is reflected well in the company's latest project - a charitable arm which provides travel opportunities to those from less privileged backgrounds.
The reasons are crystal clear. "The public is becoming increasingly aware of the benefits of blockchain technology," commented Mohammed Altajir, Tratok's Custodian. "In an industry with ever-increasing competition and tighter margins, service providers are willing to embrace a solution that boosts revenue while exposing them to the new generation of tourists with no commitment and minimal risk. It is the future."
Starting Aug. 18, consumers will be able to benefit from Tratok's direct partnerships with hospitality providers in the United Arab Emirates, with a selection of five-star hotels going live. An industry first, Tratok aims to build on this success as the team continues to add more value to the industry every single day.
© Press Release 2019